SurePay announces One European IBAN-Name Check
UK Banks can benefit from this European IBAN-Name Check to protect their customers for SEPA payments and will need to become compliant with the upcoming European Instant Payment regulation
London/Utrecht 6 June 2023 – SurePay, the largest vendor of Confirmation of Payee, serving 40 UK Banks and Building Societies, is pleased to announce the launch of One European IBAN-Name Check solution. With one solution, European reach is offered for both cross border and domestic in all EU countries.
Payment fraud and friction is increasing
Fraud is increasing everyday. Authorised Push Payment fraud, like invoice and mandate scam, impersonation and CEO Fraud can be effectively detected by applying an IBAN-Name Check prior to the payment. This is why the European Commission has proposed Instant Payment legislation including a mandatory IBAN-Name Check.This will also relieve the banks from friction and misdirection in payments and high operational costs and reimbursements.
SurePay is already active in multiple European countries, like the UK, the Netherlands, Italy and France with a reach of 100+ banks and over 170 million bank accounts and now is ready for EU-wide introduction. Next to connecting banks directly, SurePay has active connections with schemes in Europe like CBI’s Check IBAN and SEPAmail and is used by its customers in day-to-day operations. As a result, 175,000 No Match warnings are already being issued per day, preventing huge amounts of fraud. SurePay has performed over 6 Billion checks already and developed a matching algorithm that produces the fewest number of false positives.
David Jan Janse, CEO of SurePay, stated, “We are excited to introduce One European IBAN-Name Check solution, which will provide Banks a seamless and secure payment experience with the highest reach across all countries in Europe. We are committed to ensuring that our customers have the best-in-class solution to process Bank’s customer data: bank grade, privacy compliant and audited. Thereby we can provide the most accurate IBAN-Name matching based on real time verified account holder data. Our solution is designed to meet and comply with these needs and with domestic and European regulations”.
Be compliant and add value
For banks across Europe now one single solution across Europe is offered that complies with the domestic schemes and upcoming European Instant Payment regulation. The European IBAN-Name Check has also the possibility to bring a value added service to the Bank’s Corporate customers by checking suppliers or customers data. UK Banks can benefit from this European IBAN-Name Check to protect their customers for SEPA payments and will need to become compliant with the upcoming European Instant Payment regulation
SurePay was founded in 2016 and supplies the IBAN-Name Check to practically every major Dutch bank. Hundreds of organisations, including insurance companies, pension funds and energy companies, also use the IBAN-Name Check to mitigate fraud and errors in business processes, such as when onboarding new customers or suppliers. SurePay is active in multiple European countries, including the UK, The Netherlands, France and Italy.
More information about SurePay on www.surepay.co.uk