Payments made personal, easy and more secure
SurePay‘s Confirmation of Payee (CoP) service is an innovative, real-time name checking solution that gives UK payers greater assurance that their payments are going to the intended recipient.
By confirming the payee’s name matches with the name on the intended recipient’s bank account, CoP helps avoid mis-directed payments and reduce push payment fraud. The service is already live in the UK and is fully compliant with Pay.UK’s CoP rules and standards, successfully handling over 300,000 name checks every day for their UK partner clients.
Visit: SurePay UK’s website.
It pays to get started now
It is my privilege to work with SurePay as they support Banks, Building Societies, Credit Unions and PSPs to implement Confirmation of Payee and meet the PSR deadline.
I recently joined SurePay on their CoP “it pays to get started now”webinar – click on the image below for details on how to download the webinar.
Source: SurePay
Seven things you should know about SurePay and Confirmation of Payee
Here’s seven things you should know……
1: SurePay checks at scale
In 2022, SurePay performed more than 1 Billion checks reaching the milestone of 5 Billion checks around the middle of 2022.
2: SurePay performance checks domestically and cross border
215+ Corporates and 40+ Banks are using our CoP solution both domestically in the Netherlands and UK, but also cross border, like France and Italy.
3: Over half a billion UK CoP checks have been performed
SurePay have performed 540 million UK Confirmation of Payee checks since 2020 – including 220 million checks in 2022.
4: Millions of payment warnings are generated
In 2022, SurePay generated 8.4 million warnings seeking to ensure that payments are not sent to the wrong person or company.
5: Delivering best in class results
6: Customers rate SurePay
SurePay’s customers rate their Confirmation of Payee solution with an 8.3 (out of 10) and the partnership with SurePay has been rated with an 8.2.
7: Instant payments, European solution
In October 2022, the European Commission announced that a Confirmation of Payee solution will be adopted Europe-wide, as part of the Instant Payments legislation. This ensures that instant payments in euro are affordable, secure, and processed without hindrance across the EU.
One of the requirements is a Confirmation of Payee solution: an obligation on Payment Service Providers to verify the match between the IBAN and the name of the beneficiary, including bulk payments.
The SurePay solution protects banks and their customers against fraud and misdirected payments and thus marks an important step for the European payments system.
Results show a mitigation 81% of related payment fraud and 67% drop in misdirected payments, directly with introduction.
Seven things you should know about SurePay and Confirmation of Payee
The “seven things you should know about SurePay and Confirmation of Payee” have all been sourced from the 2022 SurePay annual report – available here.
SurePay are ready for the challenge that lies ahead in 2023, to support Banks, Building Societies, Credit Unions and PSPs to implement Confirmation of Payee, so they will meet the PSR deadline.
Visit: SurePay UK’s website.
It was recently my privilege to join SurePay on their CoP “it pays to get started now”webinar – click on the image below for details on how to download the webinar.
