The Fintech Times

NOVEMBER 2, 2024

Pay.UK , the independent, not-for-profit operator of the UK’s national retail payments system, is expanding ‘Confirmation of Payee’, significantly bolstering protection for UK consumers against Authorised Push Payment (APP) fraud and misdirected payments. billion checks as of September 2024 and conducting over 2.1 million checks daily.

Payee 59

Payee Faster Payments Transactions Checks 59

Fintech Finance

APRIL 11, 2024

With impending regulatory changes from the UK Payment Systems Regulator (SD17) and EU legislation on Instant Payments, data and security (PSD3), it is imperative that financial institutions have Verification of Payee (EU) and Confirmation of Payee (UK) solutions in place.

Payee 52

Payee Verification Payment APIs and Integration IBAN 52

Fintech Finance

MAY 8, 2024

CEC has taken the responsibility to provide the Belgium VoP and has, on behalf of the Belgium Banks and in consultation with Febelfin, awarded SurePay to deliver Verification of Payee (VoP) services. What is Verification of Payee? SurePay, has been a pioneer in Verification of Payee since 2016, conducting over 1.5

Payee 59

Payee Verification Scams SWIFT 59

Finextra

JULY 8, 2024

At EBAday 2024, Hays Littlejohn, CEO, EBA Clearing and Erwin Kulk, Head of Service Development and Management, EBA Clearing, explain how network-based fraud pattern and anomaly detection can boost the customer experience and safety provided by verification of payee checks.

Payee 52

Payee Verification Mitigation Checks 52

The Fintech Times

MAY 13, 2024

CEC (Centre For Exchange And Clearing), the central point for channelling retail payment transactions between banks in Belgium, has plumped for SurePay to deliver verification of payee (VoP) services. billion checks annually, both domestically and across borders.

Payee 64

Payee Verification Instant Payments Consulting 64

Finextra

JULY 16, 2024

Albert Sitelis, Head of Partnerships & Market Development at Banfico, discusses the hurdles of meeting the IP regulation compliance deadline for payee verification at EBAday 2024. With over 5000 PSPs in Europe, connectivity remains a major challenge, despite existing name check systems in several countries.

Payee 52

Payee Verification Compliance Checks 52

Fintech Finance

MAY 29, 2024

Form3 , the cloud-native account-to-account platform, today announces that Currencycloud , a Visa solution focusing on simplifying business in a multi-currency world, has selected them to provide account verification technology to support Confirmation of Payee (CoP) activity, designed to reduce fraud in the UK.

Payee 52

Payee Fraud Detection Fraud Prevention Multi-Currency 52

The Paypers

APRIL 20, 2023

Payment verification solutions provider SurePay has launched an online portal that enables UK-based banks and payment service providers (PSPs) to perform Confirmation of Payee checks.

Payee 36

Payee Checks Verification Service Provider 36

Fintech Finance

JANUARY 30, 2024

AccessPay , the leading provider of bank integration, today announced the addition of Confirmation of Payee (CoP) and Sanctions Screening capabilities to its Fraud & Error Prevention Suite 1 , launched in 2023.

Payee 52

Payee Money Laundering Non-Bank Checks 52

The Fintech Times

MARCH 31, 2024

SurePay , the IBAN-name check provider, confirmation of payee (CoP) and verification of payee (VoP) to over 100 banks, has expanded its services following a strategic agreement with Swift , the messaging network, and the integration of Swift’s payment pre-validation service.

Payee 59

Payee SWIFT Cross-Border Cross-Border Payments 59

Fintech Finance

MAY 21, 2024

The deadline in Europe for Verification of Payee, based on the Instant Payment regulation, is October 2025. SurePay is the most trusted Confirmation of Payee (CoP) provider in the UK, and Verification of Payee (VoP) provider in Europe, and has facilitated over 7.5 billion CoP/VoP checks across the UK and EU since 2017.

Payee 52

Payee Verification Regulatory Compliance Scams 52

Finextra

JUNE 18, 2024

Bank-to-bank payment messaging network Swift is working to facilitate interoperability of Verifcation of Payee schemes across Europe as new research shows that 83% of SMEs across France, Germany, Italy and Spain rank upfront beneficiary checks as important to them in trading across borders.

SWIFT 132

SWIFT Payee Interoperability Payment Message 132

The Payments Association

MAY 30, 2024

UK's fraud fighter checks recipient names to prevent misdirected payments, and AI refines accuracy and reduces false flags, but vigilance is still key. AI-powered CoP can be a real game changer. Read more

AI 88

AI Payee Technology Checks 88

EBizCharge

MAY 8, 2024

This article will shed some light on ACH check processing fees, explaining each type and how they could affect your financial transactions. ACH Credit Transactions: These transactions involve the payer initiating a payment and sending funds to the payee’s account. Why are eChecks more efficient than paper checks?

ACH 52

ACH Checks Process ACH Network 52

Finextra

MARCH 18, 2024

A few days after the Instant Payments Regulation adoption by the Council of the EU, LUXHUB’s shareholders (Spuerkeess, BGL BNP Paribas, POST and Raiffeisen) are expressing today their support to the company’s Payee Verification Platform.

IBAN 52

IBAN Checks Payee Instant Payments 52

Seon

JUNE 1, 2023

Check fraud, where fraudsters interfere with check payments, runs rampant in spite of the increase in digital payments. In fact, on February 27, 2023, FinCEN issued a report warning financial institutions of the rise in mail theft-related check fraud. What Are High-Security Checks?

Checks 52

Checks Security Fincen Payer 52

Nanonets

APRIL 1, 2024

Introduction In both personal and business finance, the management of outstanding checks and thorough bank reconciliation practices are important for maintaining financial hygiene. Check out Nanonets Reconciliation where you can easily integrate Nanonets with your existing tools to instantly match your books and identify discrepancies.

Reconciliation 52

Reconciliation Checks Automation Process 52

Fintech News

JUNE 13, 2024

iPiD’s solution ensures protection against failed or misdirected payments through real-time payee verification, addressing issues before they occur, and identifying malicious parties. The increasing prevalence of digital and instant payments highlights the need for secure transactions.

Verification 100

Verification Payee Account Validation Payments 100

Finextra

OCTOBER 9, 2024

and CBI joins their IBAN-Name Check expertise at the service of their respective communities in order to offer an interoperable solution to fight against fraud. SEPAmail.eu

IBAN 64

IBAN Payee Interoperability Verification 64

PYMNTS

MAY 26, 2020

Payment solutions firm AscendantFX has introduced a new product, Payee Intel, which will make cross-border payments more efficient and reduce costs, according to a Tuesday (May 26) press release. And differing time zones between points of contact can also create a cumbersome process.

Payee 56

Payee Cross-Border Payments Cross-Border Database 56

Stax

NOVEMBER 13, 2024

Guaranteed – Unlike paper checks, ACH credit payments are guaranteed by the customer’s bank account. No risk of bounced checks – Customers do not run the risk of a bounced check preventing them from receiving their funds to their checking account or savings account.

ACH 88

ACH ACH Network Payer Payee 88

PYMNTS

JANUARY 23, 2020

State agencies handle disbursements for property refunds, public programs, taxes and more, and many are still clinging to paper checks as part of their processes, even as they adopt ACH or direct debit payments. Digital methods have obvious benefits, but many departments plan to continue supporting check payouts for the foreseeable future.

Checks 52

Checks Government Governance Tax Refunds 52

FICO

OCTOBER 24, 2018

Given the impact this type of fraud has on both victims and banks Pay.UK (previously known as the New Payment System Operator) has announced that from next year there will be a confirmation of payee service. This will allow those sending payments to check that the name on the account matches that of their intended recipient.

Payee 49

Payee Payer Payments Scams 49

PYMNTS

MAY 7, 2020

Although a recent uptick in B2B payments innovation has accelerated corporates’ migration away from the paper check, old habits die hard, and the legacy payment tool remains a mainstay in the accounts payable (AP) department. “Checks will be around for a while. Preserving Check Workflows.

Checks 67

Checks B2B Payment APIs and Integration Remote Deposit Capture 67

PYMNTS

MARCH 2, 2020

Checks are among the most surprisingly durable payments products — at least when it comes to the world of B2B transactions. In terms of consumer payments, the check has long since been ditched by all but the diehards. Checks, for all their flaws and expenses, have one major advantage: They are easy and well-understood.

Checks 71

Checks Wire Transfer B2B ACH 71

PYMNTS

MARCH 13, 2017

The paper check has a nasty reputation in B2B payments as a cumbersome, manual and risky payment rail. Yet data from the 2016 Association of Financial Professionals’ Electronic Payments Survey released last September actually found a 1 percent increase in corporates’ use of paper checks compared to two years ago.

RDC 77

RDC Checks API Remote Deposit Capture 77

The Paypers

MARCH 5, 2024

Payment verification solution provider SurePay has announced the launch of bulk check functionality on its UK Confirmation of Payee (CoP) portal.

Payee 45

Payee Verification Checks Payments 45

PYMNTS

APRIL 8, 2019

At the highest level, Samples said API platforms can allow payors and payees to “refocus back on the business [they] are trying to accomplish.”. With open APIs, payors and payees do not have to figure out how to link up the technical “plumbing” that enables transactions in the first place. Consider the check, presented on an 8.5-inch-by-11-inch

Payee 53

Payee API Payment APIs and Integration ACH 53

The Paypers

JUNE 10, 2020

UK-based banks have announced the launch of a new Confirmation of Payee system that checks the name of the person you’re transferring money to with the name on the account.

Payee 28

Payee Checks Accounts 28

Fintech Finance

JUNE 18, 2024

83% of respondents say upfront beneficiary checks are important to them. The regulation mandates Verification of Payee (VoP) for cross-border payments within the Single European Payment Area (SEPA) by October 2025. One in five expect to be more competitive.

Instant Payments 93

Instant Payments SWIFT Cross-Border Payments Cross-Border 93

Fintech Finance

AUGUST 14, 2024

Respectively, Cardstream is also onboarding the Confirmation of Payee (CoP) service for its automated onboarding processes, which is an industry-wide account name checking service for UK-based payments, developed and owned by Pay.UK and offered by PayPoint as part of their Open Banking solutions.

Gateways 87

Gateways Payee Alternative Payment Methods Payment Gateways 87

The Fintech Times

OCTOBER 31, 2024

LSEG Risk Intelligence is launching Global Account Verification, which checks payee and account details match before transfers are confirmed, as well as Document and Biometric Verification, which uses AI and deep learning to accurately conduct identity checks.

Mitigation 59

Mitigation Risk Global Payments Deepfake 59

PYMNTS

OCTOBER 19, 2018

With an eye on fraud prevention, banks in the United Kingdom are slated to debut name checks to accompany bank transfers. As noted by Financial Times and other sources, the movement, which is one known as “confirmation of payee,” will take effect in 2019. Under current practice, names are not checked during money transfers.

Checks 53

Checks Fraud Prevention Payee Authorization 53

PYMNTS

AUGUST 13, 2020

consumers don’t exactly love the paper check — roughly 38 percent report that they’ve stopped using them entirely, and that shoots up to almost 50 percent when talking about millennials. Evers said the goal for the payor should always be to build flexibility into how and when the payee receives funds. Direct Deposit Isn’t Enough .

Checks 81

Checks Direct Deposit Payroll Push-to-Card 81

PYMNTS

AUGUST 5, 2019

Perhaps that’s why, in the midst of the seemingly never-ending stream of headlines about data breaches, account takeovers, stolen credit cards and online fraud , the notion of “check fraud” seems something of an outlier for the up-and-coming fraudster looking to make a decent living. And the death of checks – sooner rather than later.

Checks 65

Checks Instant Payments Online and Mobile Banking Irrevocability 65

PYMNTS

AUGUST 10, 2020

Payors know this but greatly underestimate how much payees value instant payments. . Payors know this but greatly underestimate how much payees value instant payments. . Most United States payees cannot access their funds immediately. Payors underestimated payees’ preference for instant payments, however, with 66.5

Payee 91

Payee Instant Payments Point-of-Sale (POS) Debit Card 91

Fintech Finance

JULY 16, 2024

For added security the service performs a Confirmation of Payee (CoP) check requiring the recipient’s name to match that on the name on the bank account holder before the payment is transferred. Through the portal, clients can issue, cancel or reissue payments instantly whilst being able to track payments and download reports.

Continuity 91

Continuity Crime Payee Payer 91