SurePay successfully launches Confirmation of Payee in the UK to help fight financial fraud

From: FinTech Global

Dutch FinTech SurePay has launched its new anti-fraud service in the UK on the back of NatWest naming it as a vendor and partner.

The news about the launch of SurePay’s Confirmation of Payee service comes as there has been a rise in a rise of financial fraud in the UK. According to UK Finance data there were 122,437 cases of APP fraud in the UK in 2019 with losses hitting £456m, up from £354m in 2018.

Last week Pay.UK announced that, in collaboration with NatWest, SurePay has contributed to HMRC with its solution to make sure that the COVID-19 payments are delivered safely, at scale and to the right people.

SurePay says it has developed the Confirmation of Payee solution to comply with all relevant UK rules and regulations. In the UK, Confirmation of Payee is now mandatory and implemented by the six biggest banking conglomerates. This service enables payers to verify that the payee’s name and sort code match so they can prevent transferring money to the wrong person or business, whether by intent, as in payment fraud, or unintentionally, as in misdirected payments.

Bridget Meijer, business development manager UK at SurePay,  commente “We are on a mission to expand and innovate our services in the UK and across Europe, so we can continue to make online payments more personal, easy to use and even more secure. Our solution is best in class.”

Stuart Kempster, programme director at NatWest, added, “We do everything we can to keep our customers safe and secure and Confirmation of Payee plays an important role in this. We selected SurePay to support our delivery of Confirmation of Payee, because of their experience in the Dutch market and excellent understanding of complex name matching issues. They have worked closely with us to deliver good name-matching results and we look forward to building on our relationship as the CoP service develops.”

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