SurePay got created in 2016 features since been giving the verification of Payee (policeman) services. All of our policeman service is actually a cutting-edge, real-time name-checking solution that gives British payers greater confidence that their own costs are likely to the intended receiver. By verifying a payeea€™s identity matches title throughout the desired recipienta€™s banking account, CoP helps in avoiding payees from transferring money with the incorrect person or businesses, whether by purpose, through payment fraudulence, or inadvertently, through misdirected money.
Today, we execute over 350,000 name-checks everyday for our UNITED KINGDOM spouse consumers, employing wages.UK to constantly augment the Confirmation of Payee answer. Our confirmed API answer permits installment companies (PSPs) to give users with real-time checks and feedback regarding entered beneficiary info when creating an internet money move a€“ a valid Confirmation of Payee.
Exactly how did you develop the theory for your business?
The key purpose behind SurePay got straightforward: to eliminate misdirected payments either caused by fraud, typically Authorised drive installment (APP) fraud, or simply just the simple entering of incorrect records, named a€?fat fist syndromea€™. Authorised Push cost (APP) frauds charges UK buyers A?479m in 2020, in accordance with UNITED KINGDOM funds, having real time suggestions for clients throughout the correctness and accuracy of entered beneficiary info hasn’t ever been more critical. Read more