Bottomline unveils Confirmation of Payee solution for businesses

By Gloria Methri

Bottomline, a global financial technology provider for banks and businesses, has announced a new line of fraud defence for companies. Bottomline’s Confirmation of Payee (CoP) solution for Business will protect companies against potential fraud by verifying the owner of the bank account receiving funds.

“While the UK’s Payment Systems Regulator (PSR) has already mandated that financial institutions incorporate CoP into their consumer banking services to help prevent APP fraud, we believe more can be done,” said Colin Swain, Bottomline’s Global Head of Platform and Product Transformation. “Using our API first technology, companies of all sizes can now better safeguard their own business payments using CoP for Business.”

New to the market, CoP for Business offers an alternative to traditional bank account verification methods. It gives companies a new tool to check that payments are directed to legitimately owned bank accounts. Instant and batch transactions are automatically verified via direct-to-source bank account checks rather than via intermittently updated third-party bank account databases.

It provides over 90% coverage of personal and business accounts so finance teams can feel confident they are dealing with the genuine account holder, stopping fraud in their tracks, and avoiding the headache of clawing back incorrectly processed or irrevocable payments.

“In 2022, 29% of companies interviewed in the Business Payments Barometer admitted they were victims of fraud, claiming a 10% increase in fraud losses versus 2021. So, beyond what banks offer, it js on companies to ensure their payments are safe and legitimate. CoP for Business gives them peace of mind and the arsenal needed to wage war on financial fraud,” said Swain.

“Uniquely, CoP has over 90% bank account coverage, meaning fewer manual checks for corporate fraud teams. With the PSR forecasting CoP bank account coverage to extend beyond 99% by October 2023, the benefits for companies are clear to see.”