TrueLayer has unveiled a novel payment system known as Payouts. This framework leverages open banking technology to enable immediate reimbursements and withdrawals.

Payouts is crafted to accelerate the payment procedure by aligning customer appellations with banking records for swift verification. This facilitates rapid payments, which are critical as consumers anticipate receiving funds expeditiously.

TrueLayer recognizes that conventional payment methods such as cards or bank transfers can necessitate up to five days for funds to reach their destination, engendering frustration and potentially leading to client dissatisfaction. This is especially problematic when enterprises require verification of new users’ payment details and identification, which can disrupt the customer journey and decelerate the overall process.

Payouts is presently being utilized by Cazoo, a pre-owned car distributor, but TrueLayer’s Director of Payments, Murtaza Bootwala, underscores that the solution is specifically tailored for the online gaming sector. He posits that a seamless post-purchase experience, encompassing prompt reimbursements and withdrawals, is paramount for fostering customer allegiance in today’s fiercely competitive market.

TrueLayer has developed Payouts to eliminate the difficulty associated with these transactions and allow operators to provide exceptional deals to all their clientele. Withdraw your funds immediately or receive reimbursements.

This innovation is specifically designed for online gaming, where individuals are increasingly frustrated with the negative experiences they encounter due to outdated technology. In 2021, it should not take days, or even more than a week, to receive your money.

The company also stated that their solution will eradicate errors in the payment procedure because it is fully automated and will reduce expenses related to lost or unsuccessful payments.

“TrueLayer is at the forefront of ensuring that payment processes are truly beneficial for both customers and businesses, eliminating outdated practices to deliver the optimal payment experience,” Bootwala stated. “By verifying account details prior to payment, you can bid farewell to failed or lost payments and alleviate the burden on customer support.

“By providing instant payments, online gambling operators can cultivate trust with players and inspire others to utilize their service.”

Last month, TrueLayer announced that Roberto Villani is their new Head of Online Gaming. Villani previously held positions in development and sales at Trustly and has also worked at Microgaming.