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News

SurePay launches new functionality on UK CoP

Tuesday 5 March 2024 16:06 CET | News

Payment verification solution provider SurePay has announced the launch of bulk check functionality on its UK Confirmation of Payee (CoP) portal. 

As per the information detailed in the press release, the new feature is set to enable corporations to conveniently verify up to 10,000 records in Excel format. This aims to improve efficiency and security in financial transactions.

Payment verification solution provider SurePay has announced the launch of bulk check functionality on its UK Confirmation of Payee (CoP) portal.

SurePay’s additional functionality capabilities

The bulk functionality intends to simplify the validation process, enabling users to instantly assess UK accounts directly within the portal. Customers can filter results based on ‘no matches’, name suggestions, and ‘inactive accounts’, which ensures precise verification and reduces potential risks. Provided to corporates via their bank, SurePay’s portal validates both personal and business accounts, ensuring comprehensive coverage for diverse financial needs.

Some of the key capabilities of SurePay’s CoP portal include:

  • Integrated portal for executing checks in the EU and the UK;

  • Clear display of account attributes for improved transparency and decision-making;

  • Instantly check whether customer, supplier, and employee details are accurate, supporting the minimisation of errors and fraud;

  • White label options for Payment Service Providers (PSPs), enabling them to customise the solution to their brand identity while delivering increased security features to their customers.

According to SurePay’s officials, the company’s addition of bulk checks on its UK CoP portal underlines its commitment to offering improved solutions that can simplify financial processes and enhance security for businesses and PSPs operating in the UK market. SurePay’s portal supports users in reducing accidental or misdirected payments, improving customer experiences, meeting regulatory requirements, and offering a secure payment journey. Additionally, the CoP portal minimises the risk of fraud by offering the check by name and corresponding account number feature and direct insight into closed accounts.

 

SurePay’s recent developments

With its operations started in 2016, SurePay currently supplies its CoP platform to over 100 banks in the UK and the Netherlands. Also, more than 500 organisations, including insurance companies, municipalities, pension funds, and energy companies, leverage CoP to mitigate fraud and errors in business processes, such as when onboarding new customers or suppliers.

Prior to this announcement, OneID, a digital identity verification company, partnered with SurePay to augment business in combating online fraud. The strategic collaboration was set to provide business operations with an enhanced layer of protection, increasing their ability to combat the escalating threat of online fraud.

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Keywords: fraud management, fraud detection, online fraud, online security, financial services
Categories: Fraud & Financial Crime
Companies: SurePay
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime

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SurePay

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