From: FinTech Global
Revolut has launched of Confirmation of Payee, new feature enabling UK customers to be certain that their payments go to the intended recipient.
The new feature automatically checks that the recipient name and account details match the information held by the recipient’s bank or payment service provider, alerting the payer if there is a discrepancy.
The Confirmation of Payee feature is another step in Revolut’s push to prevent fraud and financial crime, building on guidance provided in 2020 on how to spot scams and keep their money protected from fraudsters.
“Revolut takes financial safety and security extremely seriously and our aim is always to provide our customers with the very latest in-app security features,” said Nik Storonsky, CEO and founder at Revolut. “Being able to automatically check that a recipient’s name and account details match the information held by their bank or payment service provider means that our customers benefit from an important new level of protection and can avoid simple mistakes. Thousands of people in the UK fall victim to social engineering scams every year and Confirmation of Payee is a crucial step in the ongoing battle against fraud.”
Revolut’s Confirmation of Payee feature is the result of a collaboration with Modulr. “We’re committed to providing our partners, such as Revolut, with the very latest in payments innovation and I’m delighted that we were not only the first non-bank or building society to offer Confirmation of Payee, but that we are now the first payment services provider to be able to pass on this functionality to our PSP partners,” said Myles Stephenson, CEO and founder of Modulr. “Utilising our APIs and our participation with Pay.UK’s CoP service, Revolut can now offer its customers an important extra layer of financial protection.”
Copyright © 2018 RegTech Analyst
