Consider a Proof of Concept (PoC) for SurePay’s Verification Of Payee Solution

Financial institutions are under increasing pressure to act swiftly due to the Instant Payments legislation. Payment Service Providers (PSPs) must balance the need to act quickly with the need to make the right decision, making the evaluation of Verification Of Payee solutions more critical than ever.

Before committing to a full-scale implementation, banks and financial institutions may want to opt for a Proof of Concept (PoC) to validate the solution’s effectiveness in their specific environment.

In this blog, we will outline how SurePay’s PoC for Verification Of Payee can provide your PSP with a clear, risk-free demonstration of the solution, offering confidence before a large-scale rollout.

Why Verification Of Payee matters

With the rise of instant payments, PSPs are exposed to increased risks from fraudulent transactions, misdirected payments, and social engineering attacks. SurePay’s Verification Of Payee solution is specifically designed to mitigate these risks by ensuring that the payee’s account name matches the actual account holder when a customer initiates a payment. 

Not all solutions are created equal. With 7 years of experience, over 200 bank implementations, and more than 8 billion checks performed, SurePay offers the most robust and reliable Verification Of Payee solution on the market. Our solution is already live in multiple countries, providing proven security and accuracy across a wide range of payment systems.

Proof of Concept (PoC): A safe first step

Financial institutions are understandably cautious when introducing new technologies, especially when it comes to customer payments. This is where our Proof of Concept comes in. A PoC allows financial institutions to test and validate SurePay’s VOP solution, ensuring it meets their requirements before committing to full implementation. SurePay offers two flavours of PoC, each designed to fit different business needs.

1. Dataset and response: early Proof of Concept

In this approach, we simulate how SurePay’s Verification Of Payee algorithm would operate using a dataset provided by your organisation. Here’s how it works:

  • Submit a dataset: You provide us with a sample dataset containing account details such as account numbers, payee names, and other relevant payment information.
  • SurePay’s analysis: Our VOP algorithm processes the dataset, verifying whether the payee names match the account details provided.
  • Receive responses: We return a detailed report on how the system would respond, confirming matches and flagging any potential discrepancies that may suggest fraudulent activity or errors.

This option provides an early proof of concept without requiring a full technical integration, offering a straightforward way to assess the effectiveness of the algorithm in identifying mismatches and verifying payments.

2. API Connection: real-time testing

For banks seeking a more in-depth, hands-on experience, we offer a second PoC option: Connecting directly to our API. This approach allows for real-time testing of the VOP solution within your existing infrastructure.

  • API Setup: We assist your technical team in connecting to the SurePay API, enabling you to test payments in real-time.
  • Test payments in real-time: Once the API is connected, you can test live payment data or simulate transactions to see how the system behaves under real-world conditions.

Assess accuracy and speed: This PoC model lets your team measure response times, accuracy, and scalability, giving you a deeper understanding of how the VOP solution fits into your payment workflows.

Take the first step to secure payments with SurePay

At SurePay, we understand that enhancing payment security is a significant decision. Our Proof of Concept services offer a transparent, low-risk way to validate our Verification Of Payee solution before committing to a full rollout. Whether you’re looking for early proof through a dataset or prefer real-time testing via API, our PoC gives you the confidence to move forward.

Ready to get started? Contact us today to begin your PoC journey.

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Best in class Verification Of Payee solution

With our European Verification Of Payee solution, the combination of IBAN & Name will be checked in EU countries, the UK and the world.

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We are here to help answer any questions you may have about Verification Of Payee and the Instant Payments regulation.

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