Why PSPs and banks should choose a CoP provider offering European Verification of Payee solution
As Payment Service Providers (PSPs) and banks gear up to comply with the UK’s Confirmation of Payee (CoP) regulation, they face the added challenge of ensuring interoperability with European and global payment verification systems. This is where a CoP provider that also offers a European Verification of Payee (VoP) solution becomes invaluable. Here’s why:
1. Unified compliance
By choosing a provider that offers both CoP and VoP solutions, PSPs and banks can ensure compliance with UK regulations while also preparing for European Instant Payments standards. This dual functionality allows institutions to meet regulatory requirements seamlessly across different regions without the need for multiple providers.
2. Streamlined operations with a single contract
Managing multiple contracts with different providers can be both time-consuming and costly. Opting for a CoP provider that also offers VoP services means you can consolidate your operations under a single contract. This not only simplifies administrative processes but also reduces legal complexities and operational costs.
3. Enhanced interoperability
In an interconnected world, interoperability is key. A provider that facilitates both CoP and VoP ensures that your payment systems can communicate effectively across borders. This means smoother, faster, and more reliable transactions for your customers, whether they’re sending money domestically or internationally.
4. Global reach, local expertise
Choosing a provider with a comprehensive suite of verification services ensures your institution is not only compliant locally but also ready to expand globally. With one provider, you gain access to a network that spans the EU and beyond, enhancing your ability to serve customers worldwide.
5. Expertise in integration
SurePay’s extensive experience in working with local and global partners ensures seamless integration with your existing systems. This capability is crucial as it allows for smooth transitions and cooperation with parties your institution is already familiar with. Partnering with a provider adept in handling diverse integration scenarios guarantees a more efficient and less disruptive implementation process.
Summary
- Unified compliance: Ensure seamless regulatory adherence across the UK and Europe.
- Single contract: Simplify operations and reduce costs with one provider.
- Enhanced interoperability: Facilitate smoother transactions across borders.
- Global reach: Access a network that supports both local and international customers.
- Expertise in integration: Benefit from SurePay’s experience in working with local and global partners for smooth system integration.
In conclusion, choosing a CoP provider that also offers a European VoP solution is a strategic move for PSPs and banks. It not only simplifies compliance and operations but also ensures interoperability, global reach, and future readiness. SurePay stands out in this domain.Embrace this holistic approach to payment verification and secure your institution’s future in global payments.
SurePay
SurePay is the leading provider in this space, already live with both CoP and VoP solutions. Moreover, SurePay enables worldwide connections via Swift Beneficiary Account Verification, enhancing its global reach. SurePay is operational in multiple countries, including key connections to France and Italy.
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We are here to help answer any questions you may have about Confirmation of Payee and the implementation deadline.