There have been many exciting developments for SurePay in 2021. We have grown as an organisation in several areas. Our team doubled in size and now consists of 82 employees and 30 different nationalities. More than one billion new checks have been processed, reaching the milestone of 4 billion checks in total. In addition, new services have been added to the IBAN-Name Check for businesses.
We launched the first cross-border IBAN-Name Check together with our partners SEPAMail.eu and StreamMind. This enables companies and banks to check that the account information entered matches the intended beneficiary when initiating cross-border payments between France and the Netherlands and marks an important first step towards a pan-European solution
Daily, we made approximately 95,000 warnings that payments might be transferred to the wrong person or company. So please make sure that the warning that name and IBAN do not belong together was not given for nothing.
We would like to look back on the past year below.
Checks in 2021: >1.000.000.000
- Banks in total
- Companies and organisations using CoP
- Drop in reported fraud/scams
- Average uptime
- Checks per day
- Warnings for closed accounts in 2021
- Drop in misdirected payments
- 52 ms
- Average response time
2. New features added to the IBAN-Name Check for Organisations
The IBAN-Name Check is successfully applied by 150+ organisations to prevent fraud and errors in various business processes. Thanks to the input and feedback from our customers and partners, we continue to develop and improve this product. Two new features have been added that we would like to introduce to you:
- From now on the KVK number can be confirmed while an IBAN-Name Check is performed. This helps organisations with their AML and KYC/KYS requirements.
- Switch Check; receive an immediate notification if a customer or supplier has switched to a different bank where the correct, new IBAN is provided and can be adjusted in the administration.
The IBAN-Name Check is integrated by 150+ companies and 35+ banks in The Netherlands and across Europe
This has reduced invoice fraud by 81% and incorrect payments by 67%
3. Two new investors on board
SurePay welcomed 2 new international investors last September: Connected Capital and Iris Capital. Both investors are specialised at scaling B2B SaaS solutions internationally. Alongside Rabo Frontier Ventures, they will drive SurePay in extending its leading position as a multi-country Confirmation of Payee (CoP) service provider focused on reducing payment fraud for Banks, Government and Companies.
Our growth and developments have not gone unnoticed; we won several awards!
5. Our customers recommend the IBAN-Name Check
Last year we measured the satisfaction of our customers again. We’e extremely proud to share the results: they rate our Confirmation of Payee solution with an average of 8.7 and the cooperation with SurePay with an 8.6. Both scores were higher than in 2020.
We also really appreciate the feedback that we receive from customers who actively think along with us and contribute their ideas and wishes to make our service even better.
We are working hard on this and of course we are always open to feedback and suggestions!
6. We were present at 10 (international) events
Our colleagues have visited lots of events, both in person and online. We were able to show SurePay's IBAN-Name Check to banks and organisations, and demonstrate to them how we can help prevent payment fraud.
7. Expansion in Europe
Next to the Netherlands and the UK, we are in the process of expanding further into Europe. An important first step towards an Europe wide solution in the fight against fraud, is the cross-border IBAN-Name Check that launched in December. This service enables companies and banks to check that the account information entered matches the intended beneficiary when initiating cross-border payments between France and the Netherlands, in collaboration with SEPAMail.eu and StreamMind.
8. Preview 2022
This year, we will focus on continuing our expansion within Europe. Countries like Germany, Belgium and the Nordics are in the pipeline. Next to that, new features will be added to the IBAN-Name Check for Organisations.
We wish you a happy and successful 2022!