Confirmation of Payee (UK)
Frequently asked questions
What are project lead times?
Please request a sample implementation plan to learn more about the process and timelines for implementing SurePay Confirmation of Payee or the IBAN-Name Check.
How does SurePay Confirmation of Payee integrate with PSP systems?
All of SurePay’s Confirmation of Payee solutions are API-based and can be easily integrated with existing PSP infrastructure. The solution is a Software-as-a-Service solution and therefore does not require the deployment or installation of any physical devices in PSP datacentres.
Integrating the SurePay CoP solution is relatively simple due to its API-based nature. Depending on your wishes, you may prefer to include some of SurePay’s data management options specifically designed for Confirmation of Payee.
How does SurePay Confirmation of Payee support in Data Management?
Throughout our experience as the leading Confirmation of Payee Solution provider in the Netherlands, it’s become apparent that having a name matching algorithm in place alone does not sufficiently support PSPs seeking to deliver Confirmation of Payee. Another key component is managing PSP data and having the right data available for matching purposes.
SurePay’s data management solutions do provide a variety of ways through which PSP may provision their data to the name matching functionality, whilst taking into account both the needs of Large Scale PSPs and smaller scale PSPs. Please request a brochure here for more information on the data management options SurePay has available for you.
Does SurePay’s Confirmation of Payee solution comply with industry regulations and specifications?
SurePay’s Confirmation of Payee solution provides a tried-and-tested functionality for PSPs in the UK seeking to implement and comply with Confirmation of Payee. The functionality fully complies with the relevant specifications and regulation as set out by the industry. In the design of our CoP solution, required matching rules and purpose of Confirmation of Payee has been taken into account.
Furthermore, the functionality supports ISO20022-based information exchange between PSPs & SurePay, as well as from the SurePay functionality onward to the Open Banking Environment.
How does the name matching functionality work?
The name matching functionality that SurePay delivers as part of the solution for Confirmation of Payee is fully compliant with industry specifications and guidelines. The algorithm leverages existing know-how and expertise from the IBAN-Name Check solution SurePay operates in the Netherlands, fully tailored to the UK market.
The name matching functionality features built-in matching logic, which ensures highly accurate matching without introducing any detriments to end users of the service. Moreover, as a result of integrated matching rules, the functionality is able to interpret both structures and unstructured PSP data and matching input.
How does SurePay support PSPs in Confirmation of Payee?
SurePay delivers a variety of components that support PSPs seeking to implement Confirmation of Payee through its SurePay CoP solution. The solution comprises the following key components:
- Name matching functionality
- Data management options
- Open Banking Connectivity
The above components are complementary to one another, but may also be used separately depending on PSP’s needs and requirements.