SurePay, the leading provider of payment verification solutions, has announced the launch of an online portal that enables UK banks and payment service providers (PSPs) to perform Confirmation of Payee checks. This innovative solution can be offered alongside SurePay’s existing Confirmation of Payee solution, which helps banks protect their customers against fraud, and ensures compliance with Pay.UK guidelines. It is no coincidence that SurePay is introducing this solution at TAKE FIVE TO STOP FRAUD week.
Confirmation of Payee is an important fraud prevention measure that was introduced in the UK to combat the increasing instances of Authorised Push Payment (APP) fraud. This type of fraud involves criminals tricking individuals into making payments to them by posing as legitimate individuals or businesses. Confirmation of Payee checks help to prevent this type of fraud by verifying the recipient’s name against the account details held by the bank or PSP.
SurePay’s online portal makes it easy for banks and PSPs to perform these checks quickly and efficiently. One integrated portal is offered to execute checks in the EU and the UK.
The CoP portal helps banks to validate (counter) accounts for saving and investment products and herewith help to prevent fraud and misdirection. In addition, banks can offer their corporate customers access to CoP through this portal, preventing fraud and errors and facilitating the onboarding of customers, suppliers and employees. Customers or supplier files and bulk payments can also be checked by uploading them in the portal.
“We’re delighted to launch our new online portal, which makes it easy for UK banks and PSPs to perform Confirmation of Payee checks,” said David-Jan Janse, CEO of SurePay. “Now immediately can be checked whether you have the correct customer, supplier or employee details.”
SurePay’s Confirmation of Payee solution is already being used by a number of leading UK banks and building societies, and the launch of the online portal is expected to further strengthen the company’s position as a leading provider of payment verification solutions.
Payments made personal, easy and more secure.
SurePay was founded in 2016 and supplies Confirmation of Payee to over 40 banks in the UK and the Netherlands. More than 300 organisations, including insurance companies, municipalities, pension funds and energy companies, also use CoP 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 is now the largest vendor. In addition, SurePay is active in several other European countries, including France and Italy.
For more information, please visit: www.surepay.co.uk/portal/