TrueLayer Launches Verified Payouts to Deliver Instant, Fully Compliant Withdrawals to the Right Bank Account Every Time

TrueLayer, Europe’s fastest growing payments network, today announced the launch of Verified Payouts – a new solution that guarantees funds are paid out to the same verified account they were deposited from, instantly and in full compliance with regulatory guidance.

Verified Payouts combines TrueLayer’s Instant Payouts technology with its Verification capabilities, matching each withdrawal request to the original depositing account using the customer’s name and transaction history. This ‘closed-loop’ approach ensures that payouts are made to the right place every time – reducing fraud, preventing misdirected payments, eliminating costly manual processes and increasing customer satisfaction.

Furthermore, once verified, customers are seamlessly defaulted to Pay by Bank for future deposits; reducing payment friction, lowering transaction fees, and decreasing fraud.

Developed in close collaboration with merchants across financial services and iGaming, Verified Payouts was co-created to directly address the operational, regulatory, and customer experience challenges they face with existing payout systems.

A better way to pay out

For regulated industries such as iGaming and Financial Services, payout compliance is essential. Yet traditional card-based withdrawals are slow, expensive, and prone to failure. 

Verified Payouts bypasses outdated methods by moving money directly between bank accounts via Faster Payments. The result: funds land in the customer’s account within seconds, with a 99.7% returning user payout success rate.

Benefits for merchants include:

·       Closed-loop compliance – Meets UKGC and FCA guidelines by ensuring funds are returned to the same verified account used for deposits.

·       Cost savings – Avoids card scheme fees by using direct bank-to-bank payments.

·       Operational efficiency – Automated retries and intelligent rerouting cut failed payments and reduce customer service queries.

·       Frictionless repeat payments – Once linked, a customer’s verified bank account becomes their default for future deposits and withdrawals.

“Paying out instantly to the right account is a challenge that costs businesses time, money, and customer trust,” saidKris Lembke, Head of Product at TrueLayer. “Verified Payouts solves that problem. We designed it side-by-side with our customers, ensuring it solves the real-world payout problems they face every day.”

Smarkets is among the first merchants to go live with Verified Payouts.

“Smarkets is dedicated to giving customers the best possible product experience, so we are excited to use Verified Payouts to help ease a common pain point around withdrawals”, said William Chambers COO at Smarkets. “Verified Payouts allows our customers to use Pay to Bank for withdrawals, regardless of which method they last deposited with, by maintaining closed loop safeguards. It is safer and more convenient for our customers and more efficient for Smarkets.

Verified Payouts is also being integrated into multiple other merchant payment stacks and will go live in the coming weeks and months.

TrueLayer processes almost half of all Pay by Bank transactions in the UK and is trusted by more than 15 million users across 22 countries. With Verified Payouts, merchants can deliver the instant, secure, and seamless experience that keeps customers coming back.