The suspense account is an e-money account which sits between the user and your e-money merchant account with TrueLayer. Once funds have been received from the user to TrueLayer’s safeguarding account, corresponding e-money is issued to the suspense account. TrueLayer will then perform a verification check(for example, confirming whether the user is of age by comparing date of birth(DOB) data sourced from the user’s bank on the date of payment initiation). If the verification is successful, the e-money is issued to your e-money account. If unsuccessful the funds are refunded to the user and a decline message is sent to you. By utilising the TrueLayer suspense account, funds are only made available to you after the user verification check has taken place, removing risk for your firm and ensuring compliance with current regulation.
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