SurePay and NatWest Group renew their CoP

SurePay provides name-checking solutions, assisting more than 200 banks and organisations in safeguarding them from fraud while ensuring safe transactions. Since the inception of their collaboration, NatWest Group and SurePay have been focusing on bolstering payment security and increasing customer protection.

The renewal of this agreement highlights NatWest Group's ongoing trust in SurePay's dependable CoP services. This announcement follows closely after in May 2024 Belgian banks selected SurePay as their chosen provider for Verification of Payee solutions, in line with Instant Payments legislation, further cementing SurePay's position in Europe.

Representatives from SurepPay stated that they are content with the trust that NatWest Group has shown throughout the years. This renewal emphasises the strength of its partnership and dedication to providing quality Confirmation of Payee service for NatWest Group customers.

SurePay’s developments

In April 2024, SurePay announced that its services are accessible through the cloud-based Temenos Exchange partner ecosystem.

SurePay joined Temenos Exchange to offer its APIs within the partner ecosystem, simplifying the Verification of Payee (VoP) process in the EU and the CoP process in the UK for financial institutions. This initiative came in response to forthcoming regulatory changes from the UK Payment Systems Regulator (SD17) and EU legislation regarding instant payments, data, and security (PSD3), which mandated that financial institutions implement VoP and CoPsolutions.

This integration offered VoP, CoP, and SWIFT Beneficiary Account Validation through the SurePay API, aiming to reduce impersonation fraud, APP scams, and misdirected payments. It aimed to scale the security and convenience of payment experiences while ensuring regulatory compliance for financial institutions. The availability of SurePay’s APIs on Temenos Exchange enabled efficient integration of CoP and VoP solutions, protecting customers from fraud.