From RegTech Analyst
Digital identity platform Signicat will integrate its services with SurePay’s bank account verification service under a new agreement.
Through this deal, financial institutions and businesses in the Netherlands will be able to cross-check a payee’s digital identity with their bank account details. If there is no match, the individual or business making the payment is issued a warning of the discrepancies in real-time to avoid any misdirected payments or identity fraud incidents.
SurePay’s Account Check service verifies a name of an international bank account number (IBAN) against its own database, during the pre-payment stage. Before a user sends a payment, a notification pops up alerting the sender of any inconsistences with details of the receiver. If there are any problems with details, the business or merchants processing the payment are notified to conduct further due diligence on the transaction.
Prior to the partnership, SurePay clients could only cross-check the name and address; however, with Signicat, they can also verify account holders and account numbers.
SurePay co-founder Marcel Rienties said, “By verifying account holders at the point of payment, bank and identity fraud diminishes by 72% in online banking. Not to mention a 90% decrease in of failure in the onboarding process of new customers.
“By integrating the check in at the payee on-boarding stage both customers and suppliers have found it to prevent dropouts for second line investigation.”
Signicat is a digital identity platform which offers tools for digital signatures, advanced authentication, mobile IDs and more. Earlier in the year, Signicat acquired secure identification and electronic signature company Idfy for an undisclosed amount.
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