1. Numbers and developments
2021 was an amazing year in which we welcomed six new banks as a CoP customer. We were the first vendor to have a customer live in Phase 2 “extended capability" and most of Phase 1 customers are already available in both Phase 1 and Phase 2. Furthermore, we announced that we partnered with NatWest Group to introduce Confirmation of Payee (CoP) for HM Revenue and Customs (HMRC).
In 2017 Confirmation of Payee was launched in the Netherlands and in 2019 CoP went live in the UK. In 2021 we launched the first cross-border Confirmation of Payee together with our partners SEPAMail.eu and StreamMind to enable CoP checks between France and our customers in the Netherlands. This marks an important step for us towards Pan-European Confirmation of Payee expansion.
We are proud to offer the best in class CoP solution. SurePay is by far the largest UK and European CoP vendor. Since 2017 we have been involved in the UK market and now are capable of checking 95% of all payments. 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, more flowing customers and higher consumer trust.
In 2021 we warned 6,428,054 times that payments might be transferred to the wrong person. Please take this seriously: make sure that the warning that the payee's name and account number do not belong together, was given for a good reason.
SurePay has grown as an organisation in several areas: we welcomed two new investors to scale up, our team has doubled in size since the end of 2020 and now consists of 82 employees and 30 different nationalities. Great services are only possible with a great team.
We would like to share the highlights with you below:
- Banks using SurePay CoP
- No match warnings
- Average uptime
- CoP vendor marketshare
- Checks per day
- 52 ms
- Average processing time
With 8% 'No Match', our algorithm leads to the lowest amount of false warnings, which means more flowing payments, less fraud attempts and happier customers.
2. First CoP vendor to be live in Phase 2
We are delighted to announce that SurePay had the first Phase 2 banks live last year, and more will follow this year! Our team has worked hard to get our banks live in Phase 2 and were the first CoP vendor to do so.
Confirmation of Payee was initially available to all those participants registered as a full member of Open Banking for PSD2 purposes. However, in July 2021, the eligibility criteria extended to include all UK account holding PSPs. Building Societies and other PSP's can now join Confirmation of Payee enabling them to protect their customers.
3. New investors
SurePay welcomed 2 new international investors last September: Connected Capital and Iris Capital. Both investors are specialised at scaling B2B SaaS solutions internationally. Alongside Rabo Frontier Ventures, they will drive SurePay in extending its leading position as a multi-country Confirmation of Payee (CoP) service provider focused on reducing payment fraud for Banks, Government and Companies.
Our Confirmation of Payee solution is integrated by 35+ banks and 150+ corporates
Last year, we implemented 6 UK banks, in Phase 1 and as first vendor to be live in Phase 2. More will follow this year!
Our growth and developments have not gone unnoticed; we won several awards!
5. Interesting webinars
We hosted 6 webinars with relevant topics from the payment market, where we received overwhelming interest! Amongst others:
- SurePay’s Roadmap to Confirmation of Payee
What are the experiences so far? What does an implementation roadmap look like? What happened when Pay.UK launched phase 2 and what were the consequences for new phase 1 participants?
- Pay.UK CoP Extended Capability
The evolution of CoP and impact on the UK. With the knowledge fraudsters are moving towards non-CoP banks, this subject is very important.
- CoP for Building Societies
How can Building Societies move their members towards a safer, more seamless user experience with CoP? Also the benefits for Building Societies, such as member experience, trust and protection were discussed. SurePay is now live in Phase 2, meaning easier access for Building Societies.
- Cross Border payments fraud and friction
We can reduce fraud, friction and expensive, time consuming repairs on Domestic and Cross Border payments by checking upfront that the beneficiary account information is correct so that you can be sure you pay the right person or company.
6. Customers recommend our CoP solution
Last year we measured the satisfaction of our customers again. We’e extremely proud to share the results: they rate our Confirmation of Payee solution with an average of 8.7 and the cooperation with SurePay with an 8.6. Both scores were higher than in 2020.
We also really appreciate the feedback that we receive from customers who actively think along with us and contribute their ideas and wishes to make our service even better.
We are working hard on this and of course we are always open to feedback and suggestions!
7. SurePay in the press
There were a total of 475 publications about SurePay on various news and media platforms as well as on social media last year. You can read some of these interesting articles below.
8. Our presence at 10 events
Our UK colleagues have visited lots of events, both in person and online. We were able to show our best-in-class Confirmation of Payee solution to banks and building societies and demonstrate to them how we can help prevent payment fraud.
9. Preview 2022
This year, we will focus on continuing our expansion within Europe. Countries like Germany, Belgium and the Nordics are in the pipeline. Our cross-border service enables companies and banks to check that the account information entered matches the intended beneficiary when initiating cross-border payments between these countries. This marks an important first step towards an Europe wide solution in the fight against fraud. Next to that, we will focus on onboarding Building Societies and other banks in Phase 2. We will inform you about this in the course of the year.
We wish you a happy and successful 2022!