SurePay to combat fraud and misdirected online payments for Atom Bank
By Megha Bhattacharya
Rabobank’s spin-off SurePay today announced another successful implementation of its UK Confirmation of Payee solution for UK-based Atom bank. The 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.
SurePay’s Confirmation of Payee solution has been designed to comply with all relevant UK rules and regulations. The service enables payers to verify that the payee’s name and sort code match so they can prevent transferring money to the wrong person or business, whether by intent (payment fraud) or unintentionally (misdirected payments).
Richard Koldewijn, Business Development Manager UK, commented, “Our mission is to make online payments personal, easy to use and even more secure. With all the things 2020 has thrown at the world, fraud has been on the rise as more people are willing to take advantage of the vulnerable. With Confirmation of Payee, we’re able to offer banks a way to help protect more people. We are excited to partner with Atom bank to help protect their customers against fraud and will continue working on further solutions for the UK and Europe.”
SurePay stated that 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.
Recently, the company announced that its solution was being provided to NatWest Group.
Roger Mackintosh, Head of Payments and Partnerships for Atom bank, added, “Keeping customers money safe is our top priority and we’re working tirelessly to make sure our customers have the best technology to protect them. We’re impressed with the work SurePay has done to date and the ability to implement Confirmation of Payee so quickly.”
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