This latest feature forms part of Pay.UK’s anti-fraud initiative and further bolsters Revolut’s features. Confirmation of Payee will give Revolut’s customers greater confidence that their payments are going to the right recipient whenever they pay a business or personal account. The new feature automatically checks that the recipient name and account details match the information held by the recipient’s bank or payment service provider, alerting the payer if there is a discrepancy.
The new feature helps to protect customers against Authorised Push Payment (APP) fraud and helps avoid simple mistakes by alerting the payer if they have accidentally mistyped account details when setting up a beneficiary, which can result in payments being sent to the wrong place. Revolut’s Confirmation of Payee feature has been enabled by its payments partner Modulr.
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