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LHV and The Access Bank UK sign up for Bottomline's Confirmation of Payee

Monday 19 April 2021 08:19 CET | News

US-based Bottomline has announced that LHV and The Access Bank UK Ltd have signed up to the business’ cloud-based Confirmation of Payee (CoP) service to help combat APP fraud.

Introduced in July 2020, Confirmation of Payee is a fraud prevention system led by Pay.UK and operated with Open Banking, which confirms the recipient’s name matches the details held by the bank. This process is designed to address both payment errors and rising incidents of Authorised Push Payment (APP) fraud, where a consumer or business gets tricked into approving a payment to a fraudster’s account.

As early adopters of CoP, LHV and The Access Bank UK Ltd will now have access to Bottomline’s CoP service for inbound and outbound payments. The new measure provides the banks’ customers with an extra layer of defence against APP fraud and greater assurance that their payments are going to the right recipient.

The service uses Bottomline’s API to validate the beneficiary’s name and account details against the information held on file whether sending or receiving payments, or protecting the banks’ reputation as the trusted custodian of customer funds.

More: Link


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Keywords: Bottomline Technologies, partnership, Confirmation of Payee, fraud prevention, API
Categories: Banking & Fintech | Digital Identity, Security & Online Fraud
Countries: United States
This article is part of category

Banking & Fintech