London/Utrecht 7 March 2023 – SurePay, the European leading Confirmation of Payee provider, has today announced that UK fintech Allica Bank has implemented its UK Confirmation of Payee solution to protect consumers against fraud and misdirected online payments. CoP is designed to help customers avoid sending payments to the wrong account through fraud or human error and verifies the recipient’s name and account details before payments are made, ensuring that customers’ funds reach the correct destination.
Allica Bank, a business bank dedicated to serving established businesses with a mix of seamless technology and human support, wanted to be a frontrunner in the field of CoP among challenger banks, and provide their customers with the best possible solution.
SurePay, the inventor of Confirmation of Payee, offers a best-in-class solution and is the leading European CoP provider, the largest vendor in the UK, and operates in the Netherlands, France and Italy.
Allica Bank’s Chief Technology Officer Ravneet Shah, said: “We are delighted to be partnering with SurePay as Allica continues to scale. Our goal is to provide the best experience for our business customers and retail savers, and have the highest level of protection against fraud and misdirection. CoP is an invaluable tool for customers, giving them further assurance that their payments will reach their intended recipient.”
SurePay’s CoP solution is now available to Allica Bank customers, giving them an extra layer of security and peace of mind when making payments.
David-Jan Janse, CEO of SurePay, said: “We are extremely proud that Allica Bank has chosen our Confirmation of Payee solution. This is a strong endorsement of the innovative technology and superior service that SurePay offers. We look forward to working closely with Allica Bank to provide their customers with the highest level of protection against payment fraud.”
SurePay was founded in 2016 and supplies the IBAN-Name Check to practically every major Dutch bank. More than 250 companies, including insurance companies, pension funds and energy companies, also use the IBAN-Name Check to mitigate fraud and errors in business processes, such as when onboarding new customers or suppliers.
SurePay has been supplying Confirmation of Payee in the United Kingdom since 2020 and now is the market leader. In addition, SurePay is active in several other European countries, including France and Italy.
About Allica Bank
Recently named by The Times newspaper as one of the UK’s Top 20 fintech companies, Allica is a digitally-native bank dedicated to serving and supporting Britain’s established small and medium businesses – a vital and underserved segment of the economy that represents over 30% of UK GDP.
A leading fintech SME challenger bank, Allica recently announced a £100 million Series C funding round led by global growth technology investor, TCV, who have also invested in the likes of Revolut, Airbnb, Netflix and Nubank.
Allica Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN: 821851). Registered office: 4th Floor 164 Bishopsgate, London, England, EC2M 4LX. Registered in England and Wales with company number 7706156.