SurePay partnered with Triodos Bank to prevent fraud in online payments

By Joy Dumasia

SurePay, the leading Confirmation of Payee provider, has announced that Triodos Bank UK, one of the leading players in ethical, sustainable banking, will implement its full-service Confirmation of Payee solution.

SurePay has a proven track record of implementing the technology quickly and without disruption with other leading financial institutions in the Netherlands and the UK. The company also supports the Dutch and UK governments with checking payments related to Covid-19 job retention schemes.

Confirmation of Payee was launched by Pay.UK in 2019 allows users to check that the name and account indicators they give for a new payee are the same as the account name held by the payee’s PSP. The service aims to significantly reduce the number of payments made in error, prevent fraudulent transfers, and provide users with peace of mind when making a credit transfer online.

SurePay’s Confirmation of Payee solutions has been developed in compliance with all relevant UK rules and regulations. A key differentiator is that SurePay’s algorithm verifies transaction details instantly and does not interfere with correct payments, ensuring that the user experience is not hindered.

David-Jan Janse, CEO at SurePay, said: “The partnership with Triodos Bank UK will allow us to reach even more consumers, protecting them against the ever-growing threat of online payment fraud. We are the leading provider of Confirmation of Payee, with the highest matching percentage of 77%, close match of 18% and the lowest no match at 5%. Unlike conventional name matching algorithms, the SurePay algorithm has been specifically designed for Confirmation of Payee from scratch.”

Recently, IBS Intelligence reported that Rabobank’s spin-off SurePay today announced another successful implementation of its UK Confirmation of Payee solution for UK-based Atom bank. FinTech is responsible for checking over 95% of all Dutch payments with the IBAN-Name Check, and its Confirmation of Payee solution checks 25% of all online payments in the UK.