Rabobank has spun-off its corporate startup SurePay, which developed IBAN-Name Check, a Dutch Confirmation of Payee solution, according to Electronic Payments International.
The move makes SurePay a private limited company and an independent member of Rabobank Group.
The IBAN-Name Check verifies the entered beneficiary name with the registered account holder, during a transaction. If the two names do not match, it alerts the user. The process helps in preventing misdirected payments as well as detects fraudulent transactions.
According to the company, the SurePay solution is now used to check more than 90% of all online payments in the Netherlands. Last year, IBAN-Name Check verified more than 1 billion online payments.
Currently, SurePay counts more than 40 companies as its corporate customers.
The solution is scheduled to launch in the UK in March 2020.
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