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OneID partners with SurePay

Thursday 29 February 2024 15:47 CET | News

Digital identity verification company OneID has partnered with payment verification solution provider SurePay to augment business in combating online fraud.

 

UK Finance reported over 116,000 incidents of Authorised Push Payment Fraud in the first half of 2023. This is a 22% increase compared to a similar period in 2022. The amount lost was GBP 239.3 million. The need to protect businesses and individuals from malicious actors is more prevalent.

It is against this backdrop that OneID announced its partnership with SurePay, a provider of Confirmation of Payee services. This strategic alliance aims to fortify businesses with an enhanced layer of protection, bolstering their ability to combat the escalating threat of online fraud.

OneID has partnered with SurePay to augment business in combating online fraud.

Safeguarding businesses against fraud with OneID integration

SurePay's range of services, including Confirmation of Payee, Confirmation of Payer, EU Verification of Payee, IBAN-Name Check for Organisations, IBAN-Name Check for Banks, Switch Check, and SurePay PayID, introduces a heightened level of certainty for individuals and businesses in verifying payee details. By combining these offerings with OneID's digital identity services that enable digital ID checks, fraud checks, and confirmation of bank account ownership, provides comprehensive defence for any business against payment fraud.

SurePay has an client base of over 100 banks and 300 corporates spanning diverse sectors such as automotive, technology, and food and beverage. The combination of OneID's bank-verified digital ID – accessible to approximately 50 million UK adults – will deliver added protection when onboarding their customers. In effect, this partnership will enable enterprises using payment services to quickly and easily verify the identity and bank account details of virtually every UK adult.

Speaking about the announcement, officials from SurePay said that in their experience, Digital Identity and Confirmation of Payee are a valuable combination. For both efficient onboarding, as well as preventing fraud and money laundering. They are therefore looking forward to working with OneID, an innovator in digital ID.

As the landscape of online threats continues to evolve, the combination of OneID and SurePay's services enables businesses to meet regulatory requirements and restores the trustworthiness of digital infrastructure. This is one more step towards simplifying and securing the digital journeys of businesses and individuals.

What does OneID do?

OneID is a document-free, digital identity service provider that creates absolute certainty between a business and an individual in real-time. By leveraging bank-verified data, OneID brings speed, simplicity, and compliance to the digital identification process.

The company’s digital ID services use the advanced counter-fraud measures to help protect banks, businesses, and individuals from online identity fraud. By streamlining existing ID processes, including payments, direct debits, onboarding and more, they help businesses reduce operational costs, increase sales, and improve customer engagement.


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Keywords: digital identity, fraud prevention, digital onboarding, Confirmation of Payee, IBAN
Categories: Fraud & Financial Crime
Companies: OneID, SurePay
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime

OneID

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SurePay

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