SurePay chosen as preferred VoP scheme vendor for Belgian banks

Belgium is taking a major step to boost payment trust, combat scams, and align with EU Instant Payments standards. After thorough evaluation, SurePay was chosen for its proven track record, matching expertise, and fraud prevention services.

How Verification of Payee works

When a customer makes a payment they currently need to enter the recipient’s name and account number. The bank will verify via the Verification of Payee (VoP) the name entered against the actual beneficiary registered account holder at the Payee bank. Promptly the customer will be notified whether that name matches or not. A no match can indicate fraud or a scam.

SurePay as preferred provider

The decision to select SurePay was driven by several factors, including its established success in deploying VoP solutions across multiple countries. Additionally, SurePay’s seamless integration with Swift PreValidation for EU and global reach further solidified its position as the ideal partner for Belgian banks.

SurePay, has been a pioneer in Verification of Payee since 2016, conducting over 1.5 billion checks annually, both domestically and across borders. Its algorithm improves daily by executing additional checks.

The Netherlands-based fraud prevention provider expresses gratitude for the trust placed in its capabilities and looks forward to working closely with Belgian banks, CEC, and Febelfin to implement VoP services effectively.

Officials from SurePay said they are happy to have been selected by Belgian banks to deploy Verification of Payee services. Their existing multinational clients can now extend their Verification of Payee capabilities, while Belgian banks gain instant access to a network of 100 banks, enabling them to leverage valuable added services.

What does SurePay do?

SurePay was founded in 2016 and supplies Verification of Payee to over 100 banks in the UK and the Netherlands. More than 500 organisations, including insurance companies, municipalities, pension funds and energy companies, also use CoP to mitigate fraud and errors in business processes, such as when onboarding new customers or suppliers.

SurePay is the inventor and a large vendor of Verification of Payee and has performed over 7 billion checks. In addition, SurePay is active in several other European countries, including France and Italy.