Exela to address real-time payments risk with its new Confirmation of Payee

Exela CoP was created in response to customer feedback stemming from the rise of real-time payments (“RTP”) in the US and Europe. Pay.Uk, the UK payments authority, proposed a CoP-type solution in 2018 as a means of fighting fraud and erroneous payments, with the goal of giving end-users of payment systems increased assurance that their payments are sent to the intended recipient.

Exela CoP complements Exela’s Banking and Financial Services Suite (“BFSS”). By integrating CoP, Exela’s banking partners are helping their end-customers reduce exposure to phishing, impersonation or CEO fraud. Now, instead of requiring a banking associate to research, refund, and redirect a payment accidentally sent to the wrong recipient, the BFSS platform can stop an erroneous transaction from occurring before it happens.