Freemarket selects tell.money for Confirmation of Payee services

By Gloria Methri

Freemarket, a FinTech platform for B2B cross-border payments and currency exchange, has chosen tell.money as its strategic Software-as-a-Service (SaaS) partner and provider of Confirmation of Payee (CoP) aggregator services.

tell.money is an open ecosystem platform that offers a suite of services including Dedicated Interface APIs, Confirmation of Payee, and advanced Test and Monitoring systems.

David Monty, founder of tell.money, said, “We are delighted to be selected by Freemarket for provision of this key service. Protecting businesses and customers from the risks of fraud and misdirected payments is an ongoing challenge, and Confirmation of Payee plays a vital role in that battle. Our suite of CoP services makes this as simple and cost-effective as possible, and we are excited to be working with Freemarket on this important project.”

tell.money offers tailored solutions, including Confirmation of Payee (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.

Confirmation of Payee (CoP) is an important tool in the fight against the rise of APP fraud (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.

Geoff Close, Freemarket’s Chief Risk Officer, added, “We are pleased to be working with tell. money on this strategic partnership, which will enable Freemarket to meet our regulatory obligations and mitigate fraudulent activity for our clients and end-users.”

Freemarket works with businesses by giving them access to cross-border payments and currency exchange optimised for their needs. The platform gives businesses access to a global bank network and innovative technology in one place, allowing them to streamline processes, remove complexity and increase efficiency.