SurePay's solutions available on Temenos Exchange

Thursday 11 April 2024 08:31 CET | News

Payment verification solution provider SurePay has announced the availability of its services on the cloud-based Temenos Exchange partner ecosystem. 

As per the information detailed in the press release, SurePay joined Temenos Exchange to make its APIs available in the partner ecosystem and simplify the Verification of Payee (VoP), in the EU, and Confirmation of Payee (CoP), in the UK, processes for financial institutions. The move comes as a response to upcoming regulatory adjustments from the UK Payment Systems Regulator (SD17) and EU legislation on Instant Payments, data, and security (PSD3), being required that financial institutions have Verification of Payee and Confirmation of Payee solutions in place.

Payment verification solution provider SurePay has announced the availability of its services on the cloud-based Temenos Exchange partner ecosystem.

The capabilities of SurePay’s integration with Temenos

By joining Temenos and making its solutions available on the latter’s partner ecosystem, SurePay aims to enable banks to deploy its service on top of their Temenos core banking system. Through this, financial institutions can access Verification of Payee, Confirmation of Payee, and SWIFT Beneficiary Account Validation (BAV) via Temenos Exchange leverage the SurePay API. The company’s solution is developed to minimise impersonation fraud, authorised push payment (APP) scams, and misdirected payments, with it being set to increase the certainty that payments are sent to and received by the intended account holder. Additionally, the solution focuses on offering a secure and convenient payment experience for customers, while also ensuring regulatory compliance for financial institutions. The availability of SurePay’s APIs on Temenos Exchange aims to allow banks to integrate a CoP and VoP solution into their existing systems more efficiently, in a bid to protect their customers from fraudulent attempts.

Furthermore, Temenos’ partner ecosystem intends to provide pre-integrated and approved fintech solutions that can be deployed on top of its open platform for composable banking. This enables banks to accelerate the creation of new financial services, while also minimising the costs of development. According to Temenos’ officials, the ecosystem is set to act as an accelerator for fintech and software creators, supporting them in developing, validating, and monetising new banking solutions. The current integration enables SurePay to have its solutions accessible to banks globally that leverage Temenos’ platform.

Representatives from SurePay underlined that the company is committed to protecting both its clients and their customers against the increasing threat of fraud globally, both domestically and cross-border. With its operations started in 2016 in the Netherlands, SurePay provides VoP and CoP solutions that its set to deliver increased assurance that payments are directed towards the intended recipient. Currently, the company is connected to more than 100 banks in Europe and the UK and several organisations.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: partnership, Confirmation of Payee, PSD3, fraud management, financial institutions, banks, API
Categories: Banking & Fintech
Companies: SurePay, Temenos
Countries: World
This article is part of category

Banking & Fintech




Discover all the Company news on SurePay and other articles related to SurePay in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events