What is TrueLayer, and What’s Involved in the Onboarding Process?

If you’re reading this, you’re likely considering hopping aboard the Instant Withdrawals train. If that’s the case—welcome! We’re happy to have you.

You might be wondering, though, what the process of setting up Instant Withdrawals is like. It doesn’t involve much, and it doesn’t take that long, either. The longest part of the process is onboarding with TrueLayer, which is what we’ll give you an overview of here.

TrueLayer is an open banking platform, providing real-time data and payment solutions. One of its coolest features is instant payments. TrueLayer helps make instant payments easy, which is why they’re the perfect partner when it comes to Instant Withdrawals. 

Plus, you can count on TrueLayer for secure, reliable, and direct transactions. There’s no need for hassle, as is with traditional payment methods like cards or bank transfers. 

We’ve teamed up with TrueLayer to bring you Instant Withdrawals. Not only do you get secure payouts and speedy bank transfers, but TrueLayer also keeps transaction fees low, making it even better for you.

And guess what?

You’ll only pay 85p for each Instant Withdrawal, which means more savings in your pocket! Ka-ching. 💸

Also, TrueLayer provides a pay-by-bank transfer option as well, giving your customers another convenient way to pay. More payment options mean more opportunities for your sales to increase—how awesome is that?

Every client who’s setting up their Instant Withdrawals will have a TrueLayer account. 

This account is where you’ll monitor your transactions—that is, successful and failed payouts—and your Merchant Account balance. Your Merchant Account will always have to have more money in it than your Cash Account, so it’s important to keep an eye on it.

Getting access to your TrueLayer account is part of your onboarding process with them. The onboarding takes about two weeks. What else is involved in the process, you ask? Let’s find out.

Before the onboarding process can properly kick off, you will need to be live on Zap Pay (our Payment Gateway) and Zap Cashier for at least two weeks. Only after that can we submit your application to TrueLayer.

Afterwards, one of our project coordinators will get in touch to begin your application. Have your details and documents, such as your driving license and recent bank statements, at the ready.  Our project coordinator will take down your details, and ask you a few questions about your expected payment volumes. 

Wehey! The application has now been submitted. At this stage, TrueLayer will send you a contract to sign. Once you’ve signed the contract, TrueLayer will begin their risk assessment. This might involve them asking you some more questions. Who doesn’t love a good interview, eh?

Great! With the contract signed and the risk assessment finished, that’s the onboarding complete. Now, the integration stage begins—that is, the technical implementation stage.  Not to worry. All you have to do is create a TrueLayer account, get the app, add your back-end developer as an admin, and that’s it! We’ll handle the rest.  See, it’s that simple. In the grand scheme of things, the month it takes to get started with Instant Withdrawals is really nothing. It’ll be so worth it, you’ll see. 

That’s what we love to hear! If you’d like to find out more about Instant Withdrawals, please get in touch with us.

In the meantime, check out our other articles on the feature, to familiarise yourself with it:

• Everything You Need to Know About Instant Withdrawals

• No Pay, No Gain: How to Overcome Instant Withdrawals’ Common Failures

• What Levels of Control Do I have over my customers' Instant Withdrawals?