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 an adopter of CoP among challenger banks and provide their customers with this solution.
Allica’s officials said they are delighted to be partnering with SurePay as Allica continues to scale. Their goal is to provide an elevated experience for their business customers and retail savers and have a high 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.
SurePay was founded in 2016 and supplies the IBAN-Name Check to practically major Dutch banks. 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 and established player. In addition, SurePay is active in several other European countries, including France and Italy.
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 fintech SME challenger bank, Allica recently announced a GBP 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.
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