SurePay selected by Railsr as confirmation of payee vendor
Embedded finance solutions provider Railsr has selected SurePay as its UK Faster Payments (UKFP) confirmation of payee (CoP) vendor.
The authorised push payment (APP) fraud is sharply on the rise in the UK, according to UK Finance – from £420.7 million in 2020 to £583.2 million in 2021 (a nearly 40% rise).
Railsr collaborated with SurePay and Railsr customer ANNA Money to get its new CoP service implemented and live within four weeks.
Rich Herring, senior product manager at Railsr, says the company “has been impressed with SurePay’s implementation speed, guidance and responsiveness”.
SurePay launched its CoP service in the UK in 2020. It describes itself as “the driving force in the evolution of payment safety”, performing over 300,000 checks a day and working closely with payments regulator Pay.UK. Its customers include Natwest, Virgin Money, and Triodos Bank UK.
By ensuring that a payee’s name matches the name on the intended recipient’s bank account, CoP helps prevent payees from transferring money to the wrong person or business, whether by intent, through payment fraud, or unintentionally through misdirected payments.
“Prior to joining the CoP scheme, ANNA’s customers had faced some issues when trying to get paid by their clients. We recognised that it caused some people to worry unnecessarily that paying into an ANNA account wasn’t entirely safe and our customers appeared unprofessional as their details couldn’t be verified,” comments Alexander Kokovin, head of business accounts at ANNA Money.
“Our customers and their clients are now secure in the knowledge that the transactions are authentic and legitimate.”
Outside the UK, SurePay provides the IBAN-Name Check service in the Netherlands, France and Italy.