CoP Leader SurePay Takes Confirmation of Payee From Local To Global With Swift’s Payment Pre-Validation Service

As an official Swift partner, SurePay now provides Confirmation of Payee to its customers, allowing an easy pre-validation of payment data on a Domestic, Pan-European and Global scale.
SurePay, the leading provider of the IBAN-Name Check, Confirmation of Payee (CoP) and Verification of Payee (VoP) to over 100 banks, has announced the expansion of its services to a European and global scale through a strategic agreement with Swift and the following integration of Swift’s Payment Pre-validation service.

SurePay’s collaboration with Swift will provide banks with a broader validation network, boosting the security of financial transactions. SurePay’s tried and tested Verification of Payee Name Matching solution will seamlessly operate domestically and cross-border, empowering European, British and global banks to pre-validate international payments.

“At SurePay, we’re committed to having the technology in place to protect our customers from fraud, misdirected payments, and unnecessary and costly friction. Swift’s strategy to enable instant and frictionless payments and SurePay’s commitment to providing the best-in-class Name Matching solution make for a powerful partnership. We look forward to continuing our mission and journey globally alongside Swift,”

said Bridget Meijer, Manager New Markets and Partnerships.

Forging the path to reduced friction in payments

Launched in 2017 SurePay offers real-time verification of IBAN and beneficiary names based on live data sources to validate key payment information before initiating a transaction. The service was developed for Payment Service Providers (PSPs) to add a crucial layer of verification and risk mitigation to financial transactions. It prevents fraudulent activities, scams and accidental misdirection of payments, providing users with clear guidance on the accuracy of their payments.

Swift’s Payment Pre-validation service with Beneficiary Account Verification (BAV) complements this capability, taking SurePay’s services to the global level. Swift leverages cutting-edge API technology to route the requests and responses on the European and global scale. This proactive approach significantly reduces errors in cross-border payments and enhances predictability, eliminating payment friction, operational costs and fostering a secure financial environment.

“Simple mistakes are the cause of huge delays in cross-border payments. Swift’s Payment Pre-validation solution utilises local CoP/VoP responses and the pseudonymised and aggregated data from across our network to ensure beneficiary information is correct before a payment is executed. With Europe adopting instant payments regulation that includes a requirement to pre-validate beneficiary account information, interoperability between confirmation of payee systems is a simple way to maintain compliance and ensure the smooth and scalable flow of pan-European and cross-border payments,”

said Thomas Peeters, Head of Benelux, Nordics and Baltics at Swift.

Enabling secure global payments

SurePay will leverage Swift’s extensive network of 11,500 institutions across more than 200 countries to bring the benefits of its enhanced Verification of Payee service to a broader European and global audience.

Focusing on improving the stability and efficiency of the financial sector, this collaboration ultimately supports the development of innovative products and services. SurePay customer Rabobank is one of the PSPs that has already integrated Swift’s solution into its Confirmation of Payee system to allow foreign banks to pre-validate payment data and vice versa.

“As a member of the Payment Pre-validation community, we at Rabobank understand the value we can bring as a data provider on the service. We’ve integrated Swift’s solution into our existing domestic Confirmation of Payee system, SurePay, to help banks beyond our borders pre-validate if their payment data is correct. Doing so greatly expands the impact that domestic systems can have in tackling fraud and reducing cross-border transaction friction and operational costs,”

said Ton Versteeg, Specialist Payments/Market Infrastructures at Rabobank.

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