The market leader in Confirmation of Payee solutions is live in several European countries and banks can also use SWIFT Pre-validation to check whether name and account number belong together worldwide. Payment fraud and friction are thus prevented. It issues 175,000 alerts daily. This reduces fraud by 81%.  

Friso Schutte, Chief Technology Officer at SurePay said: “Celebrating our win of the Elastic Excellence Award is not just a testament to SurePay’s dedication to innovation and excellence but also a milestone in our journey as a fintech. Scaling rapidly across multiple EU countries and performing over 7 billion checks since 2017, this recognition underscores our commitment to revolutionising the financial landscape with our Confirmation of Payee solutions.”

The Elastic Excellence Awards celebrate organisations and individuals demonstrating ingenuity and resilience by pushing the limits of data search, observability, and security with groundbreaking implementations. Award recipients were recognised for demonstrating results and value within their organisations through their Elastic-based use cases.

SurePay makes payments personal, easier, and more secure. In addition, it  helps banks and other organisations to avoid misdirected payments and  reduce payment fraud by giving greater assurance that their payments are going only to the intended beneficiaries. SurePay received the Elastic Excellence Solve with Search Award for their fight against payment fraud, by  producing relevant data insights and tooling helping 100+ banks and 500+ organisations. And with this the payment and customer acceptance process is made easier and safer for many millions of consumers.

“We are honoured to partner with customers across all industries to help them develop innovative ways to strengthen business resilience and improve societies using search-powered AI,” said Mark Dodds, Chief Revenue Officer at Elastic. “What inspires Elastic’s product innovation and equally humbles us are the exceptional projects and solutions our customers have created using Elastic. We’re excited to recognise some of those extraordinary use cases as part of our Elastic Excellence Awards and congratulate SurePay for this well-deserved recognition.”