Caxton Payments enhances security with tell.money partnership

By Gloria Methri

Caxton Payments has teamed up with tell.money to introduce Confirmation of Payee (CoP) services, adding another layer of security to its platform and ensuring customers’ funds are more protected than ever.

This collaboration comes at a crucial time. Authorised push payment fraud in the first half of 2024, though declining, still reached 97,344 cases and caused personal losses of £166.5 million and business losses of £47.2 million.

The partnership will integrate tell.money’s Confirmation of Payee service, a fully managed SaaS solution that enables both business and consumer clients to verify account details before initiating payments. This development aligns with the growing industry adoption of CoP, which has seen huge growth in the daily checks run by payment organisations.

Alana Parsons, Caxton’s COO, said, “At Caxton, we are dedicated to safeguarding our customers’ payments with industry-leading security enhancements, like our new confirmation-of-payee checks. This additional layer of verification helps our users avoid accidental misdirected payments and strengthens protection against fraud. Our customers’ peace of mind and the security of their funds are at the heart of every innovation we bring to the Caxton platform.”

The implementation comes as the UK’s Payments Systems Regulator expects to see near ubiquity of Confirmation of Payee by its deadline at the end of October 2024, marking a significant milestone in payment security. The service will be available to all Caxton clients, allowing them to verify recipient details before initiating transfers, thereby reducing the risk of misdirected payments and fraud.

David Monty, CEO of tell.money, said, “We are thrilled to be working alongside Caxton on this vital project. Like us, the team at Caxon is determined to provide services that place the customer at the centre. Our CoP solution certainly delivers that peace of mind, not just for Caxton and its customers but also for the wider ecosystem interacting with those account holders. We believe that a well-functioning payments ecosystem provides the best possible outcomes for all end users, and we are delighted to be working with like-minded people at Caxton.”

As the holiday season approaches, this enhancement provides timely reassurance for both businesses managing year-end payments and individuals sending money to family and friends.