Triodos Bank UK Selects SurePay’s Confirmation of Payee Solution to Help Prevent Fraud and Misdirected Online Payments
- 12.08.2021 10:45 am
After launching in the UK in 2020, SurePay’s Confirmation of Payee (CoP) solution is now checking over 30 percent of all online payments in the British market
SurePay, the leading Confirmation of Payee provider, has announced that Triodos Bank UK, one of the leading players in ethical sustainable banking, will implement its full-service Confirmation of Payee solution.
Triodos Bank chose to partner with SurePay due to its best-in-class Confirmation of Payee solution. SurePay has a proven track record of implementing the technology quickly and without disruption with other leading financial institutions in the Netherlands and the UK. The company also supports the Dutch and UK governments with checking payments related to Covid-19 job retention schemes.
According to UK Finance, banks and consumers lost £479 million in 2020 to Authorised Push Payment (APP) fraud, as fraudsters took advantage of the Covid-19 induced rise in online payments. Confirmation of Payee enables consumers to avoid misdirected payments and protects them against certain types of APP fraud.
Confirmation of Payee was launched by Pay.UK in 2019 and allows users to check that the name and account indicators they give for a new payee are the same as the account name held by the payee’s PSP. The service aims to significantly reduce the number of payments made in error, prevent fraudulent transfers, and provide users with peace of mind when making a credit transfer online.
SurePay’s Confirmation of Payee solutions have been developed in compliance with all relevant UK rules and regulations. A key differentiator is that SurePay’s algorithm verifies transaction details instantly and does not interfere with correct payments, ensuring that the user experience is not hindered.
David-Jan Janse, CEO at SurePay commented: “The partnership with Triodos Bank UK will allow us to reach even more consumers, protecting them against the ever-growing threat of online payment fraud. We are the leading provider of Confirmation of Payee, with the highest matching percentage of 77%, close match of 18% and the lowest no match at 5%. Unlike conventional name matching algorithms, the SurePay algorithm has been specifically designed for Confirmation of Payee from scratch.”
Judy Rose, Chief Operating Officer at Triodos Bank UK, added: “Our mission is to help create a society that protects and promotes quality of life and human dignity for all. We are therefore committed to ensuring that our customers are fully protected against the increasing threat of APP fraud and have the best experience when using our services. SurePay is well established in the UK and Netherlands -– where we have our Group headquarters -– and has the most advanced offer, a strong Confirmation of Payee solution on the market and an incredibly devoted team. We are confident that this partnership will help us towards achieving our goals and further improve our resilience to fraud.”