allpay rolls out Open Banking and Confirmation of Payee solution

Customers have the option to link their allpay prepaid account to other banks, building societies and financial service providers. They can also utilise budgeting tool apps, allowing them to view balances, make payments, and share transaction data. As part of the wider financial inclusion initiative, customers can access credit and debt advice or financial advice facilitating banking.

As an additional fraud prevention measure, allpay are also introducing Confirmation of Payee (CoP) to its Prepaid service. With APP fraud, now worth an estimated GBP 500 million, as per the press release, CoP will allow customers of participating Banks, Building Societies, and Credit Unions to double-check, ahead of making a payment, that the account holder’s name matches the owner of the bank account number.

CoP checks will become an integral part of allpay’s service when making a payment on behalf of its cardholders and will be further introduced to allpay’s UK based contact centre which takes an estimated GBP 1 million of payments each year. The company has also developed a SaaS solution which will be available to eligible participants.

With the heart of allpay’s business built around its ability to create payment products in-house and deliver these without the reliance on partnerships or third-party providers, the Confirmation of Payee product will be used to support eligible participants.