back Back

CLOWD9 taps tell.money for Confirmation of Payee Services in UK & EU

By Gloria Methri

May 07, 2024

  • APP Fraud
  • Authorised Push Payment
  • CLOWD9
Share

CLOWD9, tell.money, Confirmation of Payee, SaaS, FinTech, APP Fraud, UK, EuropeCLOWD9 has selected tell.money as its strategic Software-as-a-Service (SaaS) partner to revolutionise Confirmation of Payee (CoP) and open banking compliance in the UK and European markets.

tell.money offers tailored solutions, including CoP-as-a-service and open banking compliance solutions, catering to FinTechs, Electronic Money Institutions (EMIs), and banks in the UK and EU.

With the looming deadline for Group 2 Payment Service Providers (PSPs) to adhere to CoP regulations set for October 2024, the urgency for compliance solutions is rapidly escalating.

David Monty, founder of tell.money, expressed excitement about the partnership, stating, “We are delighted to be selected as the open ecosystem partner for CLOWD9. It marks the start of a fantastic strategic partnership, and we are proud to see CLOWD9’s acknowledgement of our capabilities and reliability.”

Suresh Vaghjiani, CEO at CLOWD9, reiterated the significance of the collaboration, emphasising, “tell.money’s expertise in CoP aligns with our mission to provide straightforward, scalable payment technology to our clients. Together, we aim to guide FinTechs, EMIs, and banks through regulatory complexities.”

Recent data reveals alarming trends in authorised push payment (APP) fraud, with the UK witnessing a surge in reported cases. In 2023, over 116,000 cases were recorded, representing a substantial increase compared to the previous year. Additionally, approximately 207,000 APP fraud cases on personal accounts in 2022 resulted in total losses of £485.2 million.

Confirmation of Payee (CoP) stands as a critical regulatory measure to combat authorised push payment fraud by verifying payee details before processing transactions. tell.money’s CoP solution, tell.confirm, equips PSPs with a fully managed SaaS offering encompassing implementation, accreditation, testing, monitoring, ongoing support, and reporting to ensure seamless compliance.

Previous Article

May 07, 2024

Alarming rise in Cloud threats, urging shift to AI-powered prevention measures

Read More
Next Article

May 07, 2024

Tech Data Capital launches in Singapore, India, & Australia to offer flexible financial solutions

Read More








IBSi Daily News Analysis

Cybersecurity, financial services

May 17, 2024

APP Fraud

Most of KSA organizations uses AI in their cybersecurity strategies, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 17, 2024

INSTANDA & UnderwriteMe team to transform life insurance with no-code tech

Read More

May 16, 2024

UK climate FinTech ekko raises $2.5m funding round

Read More

May 16, 2024

Salt Bank taps Napier AI for Transaction Monitoring in Romania

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023