Following this announcement, the new capabilities are expected to be included in the company’s Fraud & Error Prevention Suite. The Confirmation of Payee (CoP) and Sanctions Screening offerings will also provide customers and financial teams with the possibility to avoid and prevent fraudulent and non-authorised payments, as well as any accidental misdirection of funds.
At the same time, the products will ensure compliance in an increasingly complex and developed regulatory landscape, while also focusing on meeting the clients’ needs, preferences, and demands.
The new Confirmation of Payee tool was developed in order to enable organisations and firms to perform name checks against beneficiaries and ensure that the payment is sent to the current account. In addition, the product will also protect clients against Authorised Push Payment Fraud and the risk of human errors. The CoP’s checks are currently offered by UK banks and financial institutions, while the PSR has mandated that all PSPs and building societies are expected to roll out these checks by the middle of 2024.
Finance customers and professionals will be enabled to access the CoP checks through their own banking platforms, as the service is embedded within the AccessPay tool. This process is expected to reduce the need for teams to conduct checks off-platform by developing mock payments on corporate banking portals in order to verify payee details. All checks will take place within AccessPay and will decrease the risks that are usually associated with manual checks, while also increasing the efficiency of payment workflows.
The Sanctions Screening capability was designed in order to allow corporations to check individuals, companies, as well as transactions against government-issued lists of restricted parties. This process will enable firms that are subject to Money Laundering regulations to improve their AML processes in the moment of onboarding clients by detecting accounts linked to financial crime. Any failure in the procedure of complying with the laws means that companies will incur heavy fines, as well as suffer significant reputational damage.
Both tools will be offered by AccessPay on its Fraud & Error Prevention Suite, aiming to optimise the manner in which businesses streamline processes, mitigate key risks, as well as improve overall regulatory compliance. With new risks and challenges emerging all the time, AccessPay is expected to continue to add new features to the Fraud & Error Prevention Suite in order to optimise the manner in which companies protect themselves and their users against potential losses, legal liabilities, as well as reputational damage.
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