The offering is available to be provided alongside SurePay’s existing Confirmation of Payee solution, which helps protect customers against fraud and ensures compliance with Pay.UK guidelines.
Confirmation of Payee is a fraud prevention measure that was introduced in the region in order to combat the growing instances of Authorised Push Payments (APP) fraud, a type of fraud which involves criminals misleading individuals into making payments towards them by posing as either legitimate individuals or businesses. Confirmation of Payee checks assists in preventing the said type of fraud by having the recipient’s name verified against the account details that are held by the bank or PSP.
Based on the information detailed in the press release, SurePay’s online portal helps simplify how these checks are performed, making the process both quick and efficient, and one integrated portal is provided to carry out checks in the EU and the UK.
The CoP portal helps with the validation of (nominated) accounts for saving and investment products, thus assisting in preventing fraud and misdirection. Furthermore, access to CoP leveraging the portal can be provided to corporate customers looking to prevent fraud and errors and facilitate the onboarding of customers, suppliers, and employees alike. What is more, the solution also enables customer or supplier files, together with bulk payments, to be checked by having them uploaded to the portal.
The announcement further details that the company’s Confirmation of Payee solution is already leveraged by several UK-based banks and building societies, and the launch of the online portal is believed to further strengthen SurePay’s position as a payment verification solutions provider.
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