SurePay launches Confirmation of Payee checks portal for banks, PSPs

Thursday 20 April 2023 11:12 CET | News

Payment verification solutions provider SurePay has launched an online portal that enables UK-based banks and payment service providers (PSPs) to perform Confirmation of Payee checks.


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 and portal capabilities

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.

Payment verification solutions provider SurePay has launched an online portal that enables UK based banks and PSPs to perform Confirmation of Payee checks.

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.

Commenting on the introduction of this product, David-Jan Janse, CEO of SurePay advised that the launch of the online portal aims to simplify the way in which banks and PSPs in the UK perform Confirmation of Payee checks. As per their statement, this can now be checked immediately whether the correct customer, supplier, or employee details are available.

SurePay strategy and offering

Aiming to make payments personal, easy, and increasingly secure, the 2016-founded SurePay provides Confirmation of Payee to more than 40 banks in the UK and the Netherlands. Over 300 organisations, including insurance companies, municipalities, pension funds, and energy companies leverage CoP to mitigate fraud and business process errors, such as when onboarding customers and suppliers.

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Keywords: product launch, online platform, cybersecurity, fraud prevention, APP fraud, Confirmation of Payee, CoP, identity verification, identity fraud, cybercrime, PSP, banks, fintech, digital onboarding, payments
Categories: Fraud & Financial Crime
Companies: SurePay
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime


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