The clock is ticking…
With less than one year to go to the deadline set by the Payment Systems Regulator (PSR), all Payment Service Providers (PSPs) must think seriously about how they’re going to implement a Confirmation of Payee (CoP) system that conforms with regulatory requirements.
As we move towards the October 2024 deadline, there’s a lot of implementation work to be done. This might lead to longer waiting and implementation times. Starting now will help to avoid the impact of this.
Reducing impersonation fraud and misdirected payments
The SurePay Confirmation of Payee (CoP) solution is designed to reduce impersonation fraud, authorised push payment (APP) scams and misdirected payments. It increases certainty that payments are sent to and received by the intended account holder. The solution provides a secure and efficient payment experience for customers, whilst ensuring regulatory compliance for institutions. Feedback from SurePay customers indicate that the SurePay platform has resulted in up to an 81% reduction in impersonation fraud and a 67% reduction in misdirected payments, resulting in improved business efficiencies.
