Why it pays to get started now:
As the deadline approaches, Payment Service Providers (PSP) have to consider the implementation time required to meet the Confirmation of Payee (CoP) deadline. These preparations could result in longer waiting and implementation times.
SurePay allows PSPs to offer Pay.UK’s Confirmation of Payee service to their customers.
Fewer accidental or misdirected payments
Improved customer experience
Regulatory Compliance
Seamless and secure payment experience
On October 11, the Payment Systems Regulator (PSR) announced that Group 2 and all other PSPs need to implement CoP by October 31, 2024. Group 2 must be able to respond to inbound CoP requests and initiate outbound CoP requests
Do you want to know more about the mandate means for your Bank or PSP? Schedule a meeting with our CoP expert or download our brochure .
SurePay’s cost-effective package, suitable for all PSPs, allows for quick implementation with as little effort as possible.
Why you should implement as soon as possible:
Let’s talk and find out how it works. Many Banks, Building Societies and Governmental Institutions preceded you and use our best in class solution.
Almost 100 Banks and 300+ Corporates in the UK and Europe use our CoP solution to prevent fraud and misdirected payments. This makes SurePay by far the largest CoP vendor. In the UK, we can now check 90% of all payments, where we have been offering our service since 2017.
Due to our smart algorithm, tweaked and improved over the years, we offer the highest percentage of matches, the lowest no match percentage and the least false positives, which means:
Less fraud
All of SurePay’s Confirmation of Payee solutions are API-based and can be easily integrated with existing PSP infrastructure. The solution is a Software-as-a-Service solution and therefore does not require the deployment or installation of any physical devices in PSP datacentres.
Integrating the SurePay CoP solution is relatively simple due to its API-based nature. Depending on your wishes, you may prefer to include some of SurePay’s data management options specifically designed for Confirmation of Payee.
SurePay’s Confirmation of Payee solution provides a tried-and-tested functionality for PSPs in the UK seeking to implement and comply with Confirmation of Payee. The functionality fully complies with the relevant specifications and regulation as set out by the industry. In the design of our CoP solution, required matching rules and purpose of Confirmation of Payee has been taken into account.
Furthermore, the functionality supports ISO20022-based information exchange between PSPs & SurePay, as well as from the SurePay functionality onward to the Open Banking Environment.
SurePay delivers a variety of components that support PSPs seeking to implement Confirmation of Payee through its SurePay CoP solution. The solution comprises the following key components:
The above components are complementary to one another, but may also be used separately depending on PSP’s needs and requirements.
When making a transfer online, the SurePay Confirmation of Payee verifies the entered account details of the beneficiary prior to the actual transfer. The verification is based on the unique combination of the account holder’s name information belonging to a specific account number. The payer’s bank sends the entered account name and number to SurePay, which in turn verifies the details against the available data in order to provide a response. Should entered details be incorrect (i.e. the beneficiary name does not match with the names known at the bank for this account number), then the payment initiator will get a notification. The payer might be at risk of payment fraud or possibly has made a mistake.
Please request a sample implementation plan to learn more about the process and timelines for implementing SurePay Confirmation of Payee or the IBAN-Name Check.
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