Belgian Banks Choose SurePay as Verification of Payee (VoP) preferred scheme vendor

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Belgium is making a significant move towards enhancing trust in payments, mitigating scams and to becoming EU Instant Payments compliant.

Brussels/Utrecht, 8 May 2024 – CEC has taken the responsibility to provide the Belgium VoP and has, on behalf of the Belgium Banks and in consultation with Febelfin, awarded SurePay to deliver Verification of Payee (VoP) services. Following a meticulous tender process, SurePay emerged as the preferred vendor for its proven track record, best-in-class matching service and added value fraud mitigating services

What is Verification of Payee?

When a customer makes a payment they currently need to enter the recipient’s name and account number. The bank will verify via the Verification of Payee the name entered against the actual beneficiary registered account holder at the Payee bank. Promptly the customer will be notified whether that name matches or not. A no match can indicate fraud or a scam.

SurePay as preferred provider

The decision to select SurePay was driven by several factors, including its established success in deploying VoP solutions across multiple countries. Additionally, SurePay’s seamless integration with Swift PreValidation for EU and global reach further solidified its position as the ideal partner for Belgian banks.

SurePay, has been a pioneer in Verification of Payee since 2016, conducting over 1.5 billion checks annually, both domestically and across borders. Its algorithm improves daily by executing additional checks.

SurePay expresses gratitude for the trust placed in its capabilities and looks forward to working closely with Belgian banks, CEC and Febelfin to implement VoP services effectively.

“We are honoured to have been selected by Belgian banks to deploy Verification of Payee services,” expressed David-Jan, CEO of SurePay. “Our existing multinational clients can now extend their Verification of Payee capabilities, while Belgian banks gain instant access to a network of 100 banks, enabling them to leverage valuable added services.”