Triodos Bank UK partners SurePay to deploy Confirmation of Payee solution
Triodos Bank UK has selected SurePay to provide it with a full-service Confirmation of Payee (CoP) solution.
According to the vendor, Triodos Bank chose to partner with SurePay due to its “best-in-class” platform.
“SurePay is well established in the UK and Netherlands – where we have our group headquarters – and has the most advanced offer,” says Judy Rose, COO at Triodos Bank.
“We are committed to ensuring that our customers are fully protected against the increasing threat of APP fraud.”
Confirmation of Payee was launched by Pay.UK in 2019. It allows users to check that the name and account indicators they give for a new payee are the same as the account name held by the service provider.
SurePay says its CoP solutions have been developed in compliance with all relevant UK rules and regulations.
The firm claims its algorithm verifies transaction details instantly and leaves correct payments alone, ensuring that the user experience is not hindered.
David-Jan Janse, CEO at SurePay, says his company is the the leading provider of CoP in the UK, with the highest matching percentage of 77%, close match of 18%, and the lowest no match at 5%.
He adds: “Unlike conventional name matching algorithms, the SurePay algorithm has been specifically designed for CoP from scratch.”
Founded in 1980, Triodos Bank claims to have 721,000 customers worldwide. It operates in the Netherlands, Belgium, the UK, Germany, and Spain.
In 2019 it applied for and received a separate banking licence for its UK operations in preparation for Brexit.