Confirmation of Payee for Building Societies

Move your members towards a safer, more seamless user-experience with our Confirmation of Payee solution. We take the necessary steps to ensure the deposits made by Building Society members remain safe, while not negatively impacting on the user-experience.

Lowers administrative costs

Receiving a Match, Close Match or No Match notification

Regulatory Compliance

Seamless and secure payment experience

How Confirmation of Payee (CoP) Contributes to Building Society

As the payments landscape has evolved, digital payments have become the preferred method of payment. This accelerated behaviour is due to the increased demand for new digital channels and the increased number of connected devices. Add a global pandemic to the mix, and the shift towards faster, digital payments is here to stay. This has opened up a world of new opportunities and enhanced experiences for Building Society members. However, because these payments can be cleared in a matter of seconds, they have also attracted the attention of a large number of fraudsters

SurePay's Confirmation of Payee is Future Proof

For payment service providers like Building Societies, taking the necessary steps to ensure deposits made by their members remain safe, while not negatively impacting on the user-experience is key. That is why Confirmation of Payee (CoP) is a ‘must-have’.

Simply put, CoP is a UK account name checking service that helps to prevent payments from being accidentally or fraudulently misdirected. With over one million checks taking place every day, adopted by UK Banks and Building Societies, our CoP solution quickly became widely respected in the payment industry.

Our name matching algorithm

SurePay’s CoP solution is built around our industry leading name matching algorithm, which combines cutting-edge data science technology with a deep knowledge of transactions and payer behaviour. Unlike conventional solutions, our algorithm is specifically designed to support client requirements for a robust CoP service:

Highly accurate name matching within milliseconds, that enhances the customer's payment experience
Able to recognise both structured and unstructured data input formats, without impacting performance standards
Helping every client prevent fraud and identify mistakes, whether they are a financial institution or a corporate organisation

Benefits for Building Societies

Member experience

Trust

Protection

What our clients say

"We selected SurePay to support our delivery of CoP, because of their experience in the Dutch market and excellent understanding of complex name matching issues.”

“SurePay is well established in the UK and Netherlands -– where we have our Group headquarters -– and has the most advanced offer, a strong Confirmation of Payee solution on the market and an incredibly devoted team. We are confident that this partnership will help us towards achieving our goals and further improve our resilience to fraud.”

“We are committed to protecting our customers from fraud and Confirmation of Payee is a valuable tool in achieving that. SurePay have extensive experience in providing Confirmation of Payee solutions, both in the UK and other countries, which is why we chose to work with them to implement this important protection for our customers.”