Rabobank has partnered with FRISS, a provider of fraud and risk solutions for the P&C insurance industry.
Rabobank SurePay has entered into a cooperation with FRISS to reduce fraud in the insurance industry with the IBAN-Name Check service.
The IBAN-Name Check is a service that checks whether the name and the IBAN number match, allowing insurers to check bank details before they pay out a claim for damages. The service has been developed by SurePay, a corporate startup of Rabobank. It provides a notification when the IBAN and name do not match the details of the bank or if a bank account has been cancelled.
Since Rabobank introduced the check in the autumn of 2017, the number of incorrect transfers has been halved according to the company. Invoice fraud at Rabobank has been reduced by 70%, with the likes of ING, SNS, ASN and Regiobank also introduced the IBAN-Name Check.
“The IBAN-Name Check allows insurers to check bank details before they pay out a claim for damages”, says Marcel Rienties, co-founder of Rabobank SurePay. “This gives them a means to further improve the verification of payments.
FRISS has developed an Artificial Intelligence (AI)-based platform, which provides risk scores for each incoming policy application or claim. The platform is now being used by numerous insurance companies around the world, and via the software platform of FRISS, insurers can add the IBAN-Name Check as an extra verification step.
“Thanks to linking SurePay to the acceptance and claims process of insurers, FRISS is now able to identify payment fraud at IBAN level”, says Philip van Waning, data partner manager at FRISS. “The check is completely automated and saves the insurer a lot of time. It also prevents money from being paid out in fraudulent cases. IBAN-Name Check links up seamlessly with FRISS’s mission to support honest insurance.”
Rabobank SurePay delivers a variety of account-based verification services that help to prevent payment fraud and misdirection. Its Account Check deploys an intelligent and robust algorithm, which is available for banks’ online environments through an easy-to-integrate API. The algorithm verifies an entered name belonging to an account number (IBAN) against the SurePay database.
Earlier this year, Rabobank said it is working with IBM to help comply with new financial regulations in the EU. The Dutch multi-national bank and financial services company said it is working with IBM to use cryptographic pseudonyms on its client’s personal data.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
