Following this announcement, Denmark is set to strengthen its position in the process of fighting payment fraud, while also preparing its financial sector for compliance with the upcoming EU Instant Payments Regulation.
In addition, both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
As Verification of Payee (VOP) is becoming mandatory across the region of Europe under the new Instant Payments Regulation, non-EUR countries like Denmark are required to comply by 2027. The service was developed in order to check whether the recipient’s name matches the provided IBAN, helping to prevent fraud and payment errors.
According to the official press release, SurePay was selected based on its European experience, as well as high match accuracy and improved fraud prevention capabilities. With its scalable platform already used by over 200 financial institutions, SurePay will enable banks to verify account holders in real time, reducing impersonation fraud and misdirected transactions. At the same time, the collaboration will give Danish banks the possibility to benefit from additional services such as risk detection, international integration through Swift, as well as verification solutions for businesses and government.
In addition, SurePay is currently rolling out VOP in Belgium as well. The partnership also focuses on accelerating and optimising the manner in which European countries take proactive, coordinated steps to secure instant payments and reduce fraud across borders.
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