Finseta enhances payment security with tell.money’s CoP service

By Gloria Methri

Finseta, an international payments and foreign exchange (FX) business, has launched its new Confirmation of Payee (CoP) service powered by tell.money. This enhanced service is designed to upgrade payment security, reduce the risk of fraud, and ensure the accuracy of transactions.

With the increasing concern over Authorised Push Payment (APP) fraud, which resulted in 252,626 reported cases in 2023, Finseta recognises the critical importance of providing a solution that safeguards their clients’ financial transactions. CoP offers increased payment security, reduced risk of fraud, and enhanced accuracy by allowing users to verify the payee’s details before completing a transfer.

“We are excited to introduce the Confirmation of Payee service to our clients as we continue to prioritise their financial security and peace of mind in every transaction,” said James Hickman, CEO at Finseta.

Finseta specialises in simplifying currency and payment challenges for businesses and high-net-worth individuals (HNWIs). Committed to providing exceptional service through an innovative online platform, Finseta PLC aims to streamline international payments and currency management for its diverse client base.

Through a seamless integration with tell.money, Finseta’s clients can now benefit from the robust security features of CoP without the need for additional actions. This service will ensure that payments are directed to the intended recipients promptly and with enhanced security measures.

“We are committed to regulatory compliance and providing our clients with advanced solutions to mitigate the risks associated with online transactions. The launch of the CoP service via tell.money underscores our dedication to ensuring the safety and accuracy of payments made through our platform,” added Hickman.

tell.money is a SaaS platform that enables account providers to join the ecosystem, meet regulatory obligations, and bring new open banking tools to customers. With a comprehensive product range including Dedicated Interface APIs, Confirmation of Payee, Test & Monitoring, and money management tools, tell.money is the open banking partner for the banking and FinTech industry.