SurePay announces one European Verification of Payee

Instant Payment regulation and internationalisation of fraud call for Europe wide solution

SurePay, the inventor and market leader of the Verification of Payee, is pleased to announce the launch of One European Verification of Payee solution. With one solution, European reach is offered both cross border and domestic in all EU countries. 

Payment fraud and friction is increasing

Fraud is increasing everyday. Authorised Push Payment fraud, like invoice and mandate scam, impersonation and CEO Fraud can be effectively detected by applying a Verification of Payee prior to the payment. This is why the European Commission has proposed Instant Payment legislation including a mandatory Verification of Payee.This will also relieve the  banks from friction and misdirection in payments and high operational costs and reimbursements.

 

SurePay is already active in multiple European countries, like  the UK, the Netherlands, Italy and France with a reach of 100+ banks and is now ready for EU-wide introduction. Next to connecting banks directly, SurePay has active connections with schemes in Europe like CBI’s Check IBAN and SEPAmail and is used by its customers in day-to-day operations. As a result, 175,000 No Match warnings are already being issued per day, preventing huge amounts of fraud. SurePay has performed over 6 billion checks already and developed a matching algorithm that  produces the fewest number of false positives.

David Jan Janse, CEO of SurePay, stated, “We are excited to introduce One European Verification of Payee solution, which will provide Banks a seamless and secure payment experience with the highest reach across all countries in Europe. We are committed to ensuring that our customers have the best-in-class solution to process Bank’s customer data: bank grade, privacy compliant and audited. Thereby we can provide the most accurate IBAN-Name matching based on real time verified account holder data. Our solution is designed to meet and comply with these needs and with domestic and European regulations”.

Be compliant and add value 

For banks across Europe now one solution across Europe is offered that complies with the domestic schemes and upcoming European Instant Payment regulation. The European Verification of Payee has also the possibility to bring a value added service to the Bank’s Corporate customers by checking suppliers or customers data. 

About SurePay

SurePay is the inventor and market leader of the Verification of Payee and was founded in the Netherlands in 2016. The solution is an innovative, real-time name-checking solution that gives payers greater assurance that their payments are going to the intended recipient. This prevents payees from transferring money to the wrong person or business, whether by intent, through payment fraud, or unintentionally, through misdirected payments.

Currently, SurePay is connected to 100+ banks in Europe and the UK and hundreds of organisations.

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