Ensuring compliance and efficiency: Verification Of Payee for Batches
Ensuring compliance and efficiency: Verification Of Payee for Batches As the new EU Regulation on Instant Payments approaches its final publication in the Official Journal of the European Union, PSPs must prepare to meet one of the key requirements: verifying the IBAN and Name provided in a payment order by the Payer (Verification Of Payee). […]
Elevating Bank Fraud Prevention with SurePay’s Innovative Solutions
Elevating Bank Fraud Prevention with SurePay’s Innovative Solutions Fraud and Authorised Push Payment (APP) scams are major concerns for the financial sector, with numerous news articles and reports indicating a rise in various online scams. The advent of the digital age has led to more sophisticated fraud tactics, where scammers employ social engineering and advanced […]
PSR Specific Direction 17 exemption and extension
Confirmation of Payee regulation update: exemption and extension The UK Payment Systems Regulator has issued a Specific Direction (SD17) requiring Payment Service Providers and Building Societies to implement Confirmation of Payee (CoP) by 31 October 2024. The PSR has now created processes to apply for an exemption or extension, although the vast majority of firms […]
SurePay’s partners with OneID
SurePay partners with OneID, digital ID verification. London/Utrecht 28 February – SurePay’s & OneID® alliance aims to fortify businesses with an enhanced layer of protection, bolstering their ability to combat the increasing threat of online fraud. UK Finance reported over 116k incidents of Authorised Push Payment Fraud in the first half of 2023. This is a 22% […]
Confirmation of Payee solution for PSPs
Confirmation of Payee solution for PSPs With the Group 2 deadline to implement Confirmation of Payee (CoP) by October 31, 2024 quickly approaching, nearly 300 Payment Service Providers (PSPs) are actively planning to become compliant. This blog serves as a guide on how Group 2 can prepare on time, the latest updates from Pay.UK, and […]
Prevent AI deepfakevideo fraud
Prevent AI deepfakevideo fraud Fraudsters are getting more cunning, but IBAN-Name Check will always give warning “An employee of a Hong Kong-based organisation has been scammed out of €24 Million by a deepfake video. Someone posing as a top financial officer gave instructions to transfer money. The employee had doubts but these disappeared when he […]
The One-Stop, Simple Approach to Confirmation of Payee (CoP) Implementation
The One-Stop, Simple Approach to Confirmation of Payee (CoP) Implementation This article explains the basics of CoP and how SurePay, the UK leading vendor, can help you implement a CoP solution and ensure that you comply with the PSR mandate. The rise of APP fraud has led to the implementation of Confirmation of Payee (CoP) […]
Verification Of Payee Adoption Gains Traction after Legislative Changes
Verification Of Payee Adoption Gains Traction after Legislative Changes The European Commission has reached an agreement regarding Instant Payments in Europe. This makes payments to consumers and businesses more secure, faster and easier to process. To achieve this, making a Verification Of Payee mandatory is an important part of the legislation. What is the Verification Of […]
Win-win: simplify the fraud audit process and help your accountant
Win-win: simplify the fraud audit process and help your accountant As a Financial Controller, CFO, or Treasurer, you do not sit in the auditor’s chair. However, the question of whether these external auditors should be solely responsible for financial transactions remains. Especially now that it’s becoming easier to check transactions, you can easily create a […]
SurePay Launches Developer Portal to empower UK PSPs to implement Confirmation of Payee
SurePay Launches Developer Portal to empower UK PSPs to implement Confirmation of Payee London/Utrecht 7 November 2023 – SurePay, the pioneer behind Confirmation of Payee, is excited to introduce the SurePay Developer Portal, an innovative platform designed to empower developers with the full potential of SurePay’s offerings. This announcement comes at a pivotal time as the […]