Confirmation of Payee
For PSPs

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Seamless integration
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Become CoP compliant

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Tailored CoP solution for PSPs
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Prevent APP fraud
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Fewer accidental or misdirected payments
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Regulatory Compliance
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Correct customer data
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Seamless and secure payment experience

How does it work?

SurePay allows PSPs to offer Pay.UK’s Confirmation of Payee solution to their customers.
When implemented, customers receive either one of the following matching results:
  • Match: A "match" means that the details given are accurate to the payee's account.
  • Close match: In this scenario, there is a slight discrepancy with payee details. PSPs can select the messaging displayed on the screen; you can chose to show a clickable name suggestion.
  • No match: it appears that the personal or business name you entered differs from the account details held by the payee's bank.

Why implement now?

The clock is ticking…

Days
Hours
Minutes
Seconds

The Confirmation of Payee deadline is quickly approaching. Stay ahead of the curve and protect your PSP from any financial and legal penalties by becoming compliant on time.

“Book a Meeting to start your CoP Journey with us today!”

– Louise Astburry, SurePay

Be Compliant in 6 simple steps

Knowing your CoP needs helps us implement the right solution. Group 2 firms will need to be able to send and respond to CoP requests to and from other banks and PSPs. Book a meeting with us to start your CoP journey.

When you decide to implement our solution, SurePay will inform Pay UK on your behalf. Pay UK is the recognised operator and standards body for the UK’s interbank payment system, and enrolment is mandatory for all firms required to implement CoP.

SurePay’s CoP experts will work with your team to plan out a strategy for your CoP implementation, laying out key timelines and a target implementation date.

Implementation involves the deployment and integration of a SurePay CoP solution with your existing systems and processes.

Once the implementation is complete, the CoP solution is thoroughly tested and evaluated to ensure it meets your CoP requirements.
The final step once everything has been implemented and approved is to go live. Once live, your CoP system will begin sending and responding to CoP requests from other PSPs.

How CoP can benefit your PSP

Fraud & Repairs

  • Protect your customers against fraud and misdirected payments
  • Remove friction in the international payment process
  • Avoid payment investigations
  • Avoid rejected instructions

Cross-Border solution

  • One connection via SurePay
  • SurePay connects to European countries/schemes with a Verification of Payee solution
  • SurePay makes sure the request is translated in the correct format

Clean Payment Order

  • Trust from customers
  • Contributes to a positive reputation
  • Fast and efficient cross border payment process
  • Lower operational costs

Why SurePay?

As the market leader, SurePay is experienced in providing you with a range of ‘Plug and Play’ solutions that remove the costs and implementation barriers. While ensuring that no matter what CoP solution you decide upon, it can be fully integrated, taking you a step closer to a frictionless payment journey.

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Fraud reduction
SurePay’s CoP solution has demonstrated effectiveness in reducing the occurrence of invoice-related fraud and certain forms of Authorised Push Payment (APP) Fraud. By verifying payee details, our solution adds an additional layer of security, making it more difficult for fraudsters to execute unauthorised transactions.
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Limit fraudsters’ options

With SurePay’s CoP solution, PSPs can limit the number of methods that fraudsters can exploit. By validating payee information, our solution acts as a deterrent, dissuading fraudsters from attempting fraudulent activities and protecting PSPs and their customers from financial losses.
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Prevent misdirected payment
One of the significant benefits of SurePay’s CoP solution is its ability to decrease the value and volume of misdirected payments. By accurately verifying payee details, our solution helps ensure that transactions are directed to the intended payee, reducing errors and minimising the risk of payments being sent to incorrect accounts.
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Customer trust
By implementing CoP, PSPs can increase customer confidence and satisfaction. Customers appreciate the added security measures that protect their transactions, leading to increased trust in the PSP’s services.

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.”
Natwest Group
Natwest Group
“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.”
Judy Rose, Chief Operating Officer at Triodos Bank
Judy Rose, Chief Operating Officer at Triodos Bank
“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.”
Fergus Murphy, Chief Customer Experience at Virgin Money
Fergus Murphy, Chief Customer Experience at Virgin Money
"With SurePay's Confirmation of Payee solution Coventry Building Society can help their members have safer and more seamless payment experiences."
Coventry Building Society
Coventry Building Society

Ready to get started?

Download our white paper for PSPs
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Schedule a meeting with us to find out how our solution can benefit your PSP

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