PrizePay is a platform that helps businesses distribute cash rewards, providing consumers with a fast and simple way to receive their rewards.  

As payout volumes increased, PrizePay wanted to reduce the risk of delays or misdirected payouts caused by incorrect account details, while maintaining a simple customer experience.

PrizePay partnered with Azupay to integrate Confirmation of Payee into its payout process, giving PrizePay greater confidence payments are going to their intended recipients and helping identify potential discrepancies earlier.

Balancing speed with accuracy

Providing a fast payout experience is an important part of PrizePay’s service. However, differences between account details provided by consumers and those held by their bank can lead to payment issues, manual investigations and customer enquiries, as well as increasing the risk of payouts being sent to the wrong recipient.

As PrizePay continued to scale, it wanted to introduce Confirmation of Payee to help address these issues without adding significant complexity to the customer experience.

Embedding Confirmation of Payee into the payout experience

Confirmation of Payee checks the account name, BSB and account number provided by consumers against those held by their bank and returns a match outcome. This gives PrizePay additional information before making a payout.

In payout flows, speed gets the attention, but accuracy is what protects the business and its customers. What we’ve done with PrizePay is put an account check at the point of payment, so they can scale faster without scaling risk or operational overhead.

Tom Rundle, Chief Product Officer, Azupay

PrizePay has reduced manual payout review saving approximately 3 hours per week across operations and support teams. 

Confirmation of Payee has also helped strengthen confidence in PrizePay’s payout process without adding significant friction for customers. PrizePay has seen a 76% reduction in payout exceptions related to incorrect account details, and 96% of consumers successfully complete the payout process without requiring support intervention.

Working with Azupay to introduce Confirmation of Payee has helped us improve confidence in our payout process while keeping the experience simple for our customers. We’ve also seen operational benefits through fewer manual checks and less effort resolving payment issues as we scale.

David Joll, Director, PrizePay

Outcomes

• Greater confidence in payouts - Account details provided by consumers can be checked before a payout is made, helping reduce the risk of delayed payments or payments being sent to the wrong recipient.
• Operational efficiencies - Fewer manual checks, investigations and support enquiries associated with payout issues. 
• Supporting growth at scale - A more efficient payout process helps PrizePay manage increasing volumes
• Maintaining a simple payout experience - Fewer payment issues without impacting customer experience