Atom bank has picked RegTech SurePay to help the app-based bank to fight fraud and prevent misdirected online payments with its Confirmation of Payee solution.
The solution was launched in the UK in June 2020. It is said to comply with all relevant UK rules and regulations and enables Tpayers to verify that the payee’s name and sort code match so they can prevent transferring money to the wrong person or business.
“With all the things 2020 has thrown at the world, fraud has been on the rise as more people are willing to take advantage of the vulnerable,” said Richard Koldewijn (pictured), business development manager UK at SurePay.
“With Confirmation of Payee, we’re able to offer banks a way to help protect more people. We are excited to partner with Atom bank to help protect their customers against fraud and will continue working on further solutions for the UK and Europe.”
Roger Mackintosh, head of payments and partnerships for Atom bank, added: “Keeping customers money safe is our top priority and we’re working tirelessly to make sure our customers have the best technology to protect them. We’re impressed with the work SurePay has done to date and the ability to implement Confirmation of Payee so quickly.”
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