AccessPay, a trailblazer in bank integration services, has introduced a significant enhancement to its Fraud & Error Prevention Suite.
The suite now incorporates Confirmation of Payee (CoP) and Sanctions Screening capabilities, reinforcing AccessPay’s position as a leader in proactive fraud and risk management solutions.
The addition of CoP and Sanctions Screening capabilities responds to the escalating demands placed on finance teams to combat fraudulent and non-authorised payments, mitigate accidental fund misdirection, and navigate the complexities of an ever-evolving regulatory landscape.
Additionally, the new CoP capability facilitates name checks against beneficiaries, ensuring payments are directed to the correct accounts. This feature protects against Authorised Push Payment Fraud and minimises the risk of human error.
The embedded nature of AccessPay’s CoP service within its platform streamlines processes, eliminating the need for off-platform checks and significantly reducing associated risks.
AccessPay’s mission, led by CEO Anish Kapoor, is to empower businesses in taking a proactive stance against fraud and risk. The company recognises the heightened expectations of regulators, as illustrated by upcoming regulations such as the UK SOx, compelling large businesses to establish robust controls to prevent fraud and errors.
Anish Kapoor, CEO of AccessPay, said, “In developing the Fraud & Error Prevention Suite, AccessPay’s aim was to help businesses take a proactive approach to fraud and risk management. Regulators have increasingly high expectations when it comes to fraud and risk management, as demonstrated by the upcoming UK SOx regulation2, which requires large businesses to have robust controls in place to prevent fraud and errors. The addition of new CoP and Sanctions Screening capabilities will allow finance teams to de-risk even more elements of the payments lifecycle within our platform, demonstrating these controls to regulators.”
Fiona Brown, Customer Success Director at AccessPay, added, “Many finance professionals will be familiar with CoP checks through their banking platforms; a key differentiator of AccessPay’s CoP service is that it is embedded within the AccessPay platform. This removes the need for finance teams to conduct checks off-platform by creating mock payments on banking portals to verify payee details. Instead, all checks happen within AccessPay, considerably decreasing the risks associated with manual checks and increasing efficiency in payment workflows.”
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