In just two minutes, Andy Tweddle explains how TrueLayer's latest solution — Verified Payouts — works, along with the current manual payout challenges it addresses.

Transcript:

We're good to go? Hey. I'm Andy from TrueLayer, and I wanted to take a moment to tell you everything you need to know about our solution to closing the loop on payouts, which we call Verified Payouts. And we'll do it all in just two minutes. So let's start the clock.

Now, you don't need me to tell you that in regulated industries, especially iGaming, your payout experience is critical. And if things go wrong, your players will remember it. As one operator told us, when payouts fail, customers don't remember the hundreds of times they went right, they just remember that one time that it went wrong. And the problem is that traditional card based payouts are often slow, expensive, and prone to failing. They often carry high fees. They've got security risks and compliance issues.

But if your player made the deposit using a card, until now you've needed to use a card-based option to payout as well. Well, that all changed with Verified Payouts. It's a genuine first-of-its-kind solution, which we've designed in partnership with our merchants.

How Verified Payouts Work

So Verified Payouts means instant, reliable, and fully closed loop payouts directly to a player's bank account, regardless of which payment they use to make deposit.

It automatically matches the withdrawal request to the original depositing account, verifying the payee's name and transaction history, and settling the funds in the player's account in real time.

So the first time your player wants to withdraw using Verified Payouts, they simply select 'Withdraw using a linked card" and then the Pay to Bank option. They then authenticate and confirm the withdrawal directly in their bank app, and the funds are sent instantly.

Business Benefits of Verified Payouts

And the benefits for your business are pretty clear as well. You've got instant settlement, you've got significant cost savings, and you've got a payout experience that's far more efficient than cards. It virtually eliminates fraud, it prevents misdirected payments, and it removes a lot of the costly manual processes, all while closing the loop. And once a player makes one withdrawal, their future payout experience is even simpler, to the point where 99.7% of all payouts by returning users are successful when they use Verified Payouts.

But there is a bigger and more long term advantage which I want to touch on. It actually makes it easier to seamlessly transition your players to Pay by Bank for future deposits, accelerating the adoption of instant, secure, and cost effective payments across your entire platform.

And time is up. Think of iGaming payments as a complete journey, from sign up to deposit to withdrawal. And with SignUp+, Pay by Bank, and now Verified Payouts, TrueLayer offers a truly end to end payment stack that doesn't rely on cards whatsoever. There's a link on screen with a more detailed look at our new solution. Thanks for your time.

Find out more about Verified Payouts, and how it helps iGaming operators build instant, reliable, and fully closed loop payouts directly to a player's bank account, regardless of which payment they use to make deposit.