Form3's Confirmation of Payee Requester Service allows Currencycloud’s customers to verify account holder and payee details for secure and swift account verification. Form3’s technology integrates with Currencycloud’s customers via an API, facilitating routing capabilities to enhance its Payee Requester Services. This integration aims to reduce payment misdirection and improve fraud detection.
This development follows Form3's commercial partnership with Visa, announced in September 2023. Visa invested in Form3 to aid its expansion and combine the capabilities of both companies to reduce fraud in real-time account-to-account payments.
The CoP rules were introduced by the Payment Systems Regulator to minimize accidentally misdirected payments and authorized push payment (APP) fraud in bank transfers. This is achieved by ensuring that the name on the recipient’s account matches the details provided by the payer to their bank.
Form3 representatives indicated that the partnership with Currencycloud demonstrates the value-added services Form3 offers for fraud protection alongside its core payment processing. He emphasized that fraud remains a significant challenge in payments, prompting the development of advanced technologies to mitigate fraudulent activities. Walters noted this as the first engagement with Currencycloud and expressed anticipation for future collaboration.
Representatives of Currencycloud's stated that using Form3’s technology provides robust and resilient fraud prevention solutions for Currencycloud and its clients. He highlighted that this partnership enhances Currencycloud's offerings and competitiveness in the payments market.
Form3’s Confirmation of Payee Requester Service will be available to Currencycloud clients from the end of May.
Form3 is an account-to-account payments platform established in 2016. It aims to innovate payment processing with its cloud-native Payments-as-a-Service platform. Form3’s solutions extend beyond gateway services to include fraud prevention, payments orchestration, and data metrics. It is trusted by major UK and European banks and fintechs for critical payments infrastructure.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now