Signicat, SurePay team up to solve payee confusion and fraud

Monday 2 December 2019 10:48 CET | News

Signicat has teamed up SurePay, a payment information service, to integrate SurePay’s bank account verification service with Signicat’s Digital Identity Platform.

This partnership enables financial institutions and businesses in the Netherlands to cross-check the payee’s digital identity with their bank account details. If they do not match, the person or business paying can be warned of discrepancies in real-time to avert misdirected payments, according to the official press release. 

A finfech of Rabobank, SurePay’s Account Check service verifies a name belonging to an International Bank Account Number (IBAN) against the SurePay database, at the pre-payment stage. Before end-users send a payment, a notification with instant feedback of the beneficiary flashes up, alerting the sender to instances where the details of the beneficiary deviate from those known at the registered bank. If there is a deviation, then this is an indicator for businesses or merchants processing payments that further customer or supplier due diligence is needed.

For instance, for businesses or payment service providers (PSP), there is a need to verify both the identity and account to ensure there are no fraudulent transactions or purchases made through them.

With Account Check, Signicat and SurePay’s customers will now receive a confirmation of payee service, which categorises the beneficiary’s details into match, close match, and no match for private accounts at the pre-payment stage.

Before the partnership, customers were only able to verify the name and address of their customers. With the partnership and Signicat’s integration of iDIN – the Dutch electronic identification (eID) –customers will be able to verify both the user’s identity but the cooperation allows for verification of accountholder(s) and account number.

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Keywords: Signicat, SurePay, partnership, digital identity, PSP, identity verification, banking, The Netherlands, iDIN, fraud, account verification, IBAN
Categories: Fraud & Financial Crime
Countries: Netherlands
This article is part of category

Fraud & Financial Crime

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