tell.money offers tailored solutions, including Confirmation of Payee (CoP) as a service and Open Banking compliance solutions, catering to fintechs, Electronic Money Institutions (EMIs), and banks in the UK and EU. With the looming deadline for Group 2 Payment Service Providers (PSPs) to adhere to CoP regulations set for October 2024, the urgency for compliance solutions is rapidly escalating.
tell.money’s team expressed excitement about the partnership, stating that they are happy to be selected as the open ecosystem partner for CLOWD9. It marks the start of a strategic partnership, and they are proud to see CLOWD9's acknowledgment of their capabilities and reliability.
Recent data reveals alarming trends in authorised push payment (APP) fraud, with the UK witnessing a surge in reported cases. In 2023, over 116,000 cases were recorded, representing a substantial increase compared to the previous year. Additionally, approximately 207,000 APP fraud cases on personal accounts in 2022 resulted in total losses of GBP 485.2 million.
Confirmation of Payee (CoP) stands as a critical regulatory measure to combat authorised push payment fraud by verifying payee details before processing transactions. Tell.money's CoP solution, tell.confirm, equips PSPs with a fully managed SaaS offering encompassing implementation, accreditation, testing, monitoring, ongoing support, and reporting to ensure seamless compliance.
tell.money is an open ecosystem platform, offering a suite of services that include Dedicated Interface APIs, Confirmation of Payee, and advanced Test & Monitoring systems. With a commitment to promoting seamless integration and regulatory compliance in the Open Banking ecosystem, tell.money continues to transform financial technology into a force for good.
CLOWD9 is a cloud-native, decentralised payments processing platform. Founded in the UK by payments experts and advised by finance professionals, CLOWD9 processes payments for traditional banks, neo-banks, and fintechs globally. Their scalable platform architecture enables quick establishment in new markets and caters to diverse payment preferences.
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