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:

Benefits for Building Societies

Member experience

Trust

Protection

Other features of the SurePay CoP solution

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Real-time management information

The solution provides real-time, comprehensive insight into all incoming CoP requests, outbound CoP responses and more – accessed through easy-to-use tooling and scheduled reports delivered straight to your inbox.

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Data whitelisting

The CoP solution has specifically designed functionality to support account groups with vulnerable characteristics or accounts with complex structures, safeguarding their privacy whilst maintaining best matching capability.

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Flexible data analysis and query management

Dedicated tooling will empower your staff to run their own queries and analyse historic matching responses, while predefined filters enable analysis based on a range of unique identifiers, including account lookup, matching response and timestamp.

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Cross border payments

Our solution also checks international bank accounts, ensuring cross border remittances can enjoy the same fraud benefits as domestic payments

What our clients say

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Our clients