SurePay has been serving with the IBAN-Name Check to all major Dutch banks since 2017. Established in 2016, the financial institution offers the Confirmation of Payee (CoP) service in the UK as well as brings new services in the Netherlands (Holland) and outreach in Europe for borderless and domestic checks.
In an announcement, SurePay unveiled that it partnered with Virgin Money to offer its UK CoP solution to implement and safeguard customers from misdirected and fraudulent online payments.
CoP from SurePay ensures customers their secured payment delivery to the intended person only. It also ascertains that the payments are not misdirected or accidentally reach anyone else. The algorithm for CoP has been specifically designed from scratch and stands on Pay.UK financial specifications and needs.
David-Jan Janse, CEO, SurePay, stated, “SurePay’s aim is to make online payments safer and easier to use for the benefit of our clients and their customers. Ensuring best-in-class fraud prevention for consumers has never been more important as online spending continues to grow, and so does the fraudulent activity. We are incredibly proud to be working with Virgin Money. Together we bring a best-in-class solution helping to keep their consumers safe.”
Virgin Money a UK-based bank that offers full-service personal and business banking offerings. It works through a digital-first approach that provides leading online and mobile services. Virgin Money offers world-class banking experience to its customers in mortgage and other banking services.
Fergus Murphy, Chief Customer Experience Officer, Virgin Money, commented, “We are committed to protecting our customers from fraud, and Confirmation of Payee is a valuable tool in achieving that. SurePay has extensive experience in providing Confirmation of Payee solutions, both in the UK and other countries, which is why we chose to work with them to implement this important protection for our customers.”