Innovative Early Adopting banks are crucial vehicles and collaborators to build an efficient CoP network across Europe and SurePay invites Nordic banks to join forces with 40 other leading European banks and Schemes to expand its coverage across Europe and beyond.

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Confirmation of Payee in a nutshell

IBAN Name Check has now been rolled out in the Netherlands, the UK, Belgium, and today Nordic countries are also preparing to implement “IBAN Name Check” in order to protect both their banks and their customers against two challenges:

Fraud + Misdirected payments.

IBAN Name Check is a CoP, or Confirmation of Payee, technology that is offered by SurePay which allows users to make sure that the money they are sending is ending up at the correct person or company. SurePay first introduced this service in the Netherlands, but expanded to other countries such as the UK, France, and Italy over the last couple of years. In these countries, SurePay’s service has been a huge success, as SurePay has already checked more than 5 billion transactions in order to combat fraud and erroneous payment data.

Customer Portal and API Access

SurePay’s services can be accessed instantly via our recently launched online Customer Portal or via a software interface that can be used on different applications and that can be integrated via an API into banking platforms and financial suites in organisations.

How Does It Work

When someone uses their online banking application supported by SurePay and enters the account data (number and name) of the recipient of a transaction, domestic or foreign, SurePay automatically and instantly checks with the receiving bank whether the data matches. In cases where there is no match between the account name and the account number, users receive a warning that the person or company they want to send money to is not linked with the account number they have typed in. The user can then recheck whether there was an error, such as them hitting the wrong key when typing in the number.

Consumers Need Their Bank To Help Combat Fraud

Errors are one potential threat SurePay helps avoid, but it’s not the only one. Fraud is another major risk factor to consider for both consumers and businesses. Invoice fraud and scams via WhatsApp have become more prevalent in recent years, and SurePay helps against that. When consumers and businesses can make sure that the accounts they want to send money to are genuine by using SurePay’s IBAN Name Check via their bank or financial tool, many cases of fraud can be detected before money is lost. Confirmation of Payee also works against Authorized Push Payment (APP) fraud. Without CoP, consumers and companies have no chance to verify that they are sending money to a genuine address, which makes them vulnerable to these ever more common frauds. But with SurePay’s solution, they can make sure that they are sending money to the correct person, or, in the case of a business, that they are indeed sending money to an existing supplier.

A Trusted Technology And Approach

SurePay’s technology has first been rolled out in the Netherlands. Since IBAN Name Check has been made available there, fraud cases have dropped by an impressive 81%. On top of that, the technology has resulted in a 67% decline in incorrect (erroneous) money transfers. Incorrect onboarding of new customers has also declined by 80%, as businesses are able to verify payment/user data immediately when new customers are added. In the Netherlands, SurePay’s technology has become so common, that 99.5% of all payments in the country are validated with CoP. In the UK, France, and Belgium, SurePay’s IBAN Name Check has also been rolled out successfully, although it is not yet used as often there, since the markets have not been established for as long as the Netherlands.

Ready for NPC CoP Rulebook Nordics to be Released in November

The introduction of CoP in the Nordics is progressing as well as the Nordic Payments Council (NPC) is expecting to approve and publish the first CoP scheme Rulebook version 1.0 in November 2022. With this and when all Nordic countries have harmonised standards, the introduction of CoP services are made easier, and the implementation of this technology can be made as smooth and efficient from the launch as possible. Naturally, both legislators and the private sector have a shared interest in bringing this service to end users as soon as possible in order to help fight fraud on a pan-European level and in order to ease concerns of consumers and businesses when it comes to fraud and faulty transactions.
SurePay est impatient d'aider la Belgique à atteindre ces objectifs.

Download Brochure Confirmation of Payee for Banks

Confidental Infomation