Triodos Bank UK has selected SurePay’s Confirmation of Payee solution with the aim of reducing fraudulent and misdirected payments on its service.
Founded in 1980, Triodos is an ethical sustainable bank that claims it finances companies, projects and institutions that add cultural value and benefit people and the environment.
According to SurePay, Triodos chose to team with SurePay due to its ‘best-in-class’ Confirmation of Payee solution. SurePay has a track record of implementing the technology rapidly and with minimal disruption with other financial institutions in its two main markets – the UK and the Netherlands.
Confirmation of Payee allows users to check that the name of account indicators that they give for a new payee are the same as the account name held by the payee’s payment service provider.
SurePay highlighted that the service ‘aims to significantly reduce the number of payments made in error, prevent fraudulent transfers and provide users with peace of mind when making a credit transfer online’.
A recent study by UK Finance that UK banks and consumers lost £479m in 2020 due to authorised push payment (APP) fraud. SurePay claims that Confirmation of Payee allows consumers to avoid misdirected payments and protects them against specific types of APP fraud.
Triodos Bank UK COO Judy Rose said, “Our mission is to help create a society that protects and promotes quality of life and human dignity for all. We are therefore committed to ensuring that our customers are fully protected against the increasing threat of APP fraud and have the best experience when using our services.
“SurePay is well established in the UK and Netherlands -– where we have our Group headquarters -– and has the most advanced offer, a strong Confirmation of Payee solution on the market and an incredibly devoted team. We are confident that this partnership will help us towards achieving our goals and further improve our resilience to fraud.”
SurePay CEO David-Jan Janse added, “The partnership with Triodos Bank UK will allow us to reach even more consumers, protecting them against the ever-growing threat of online payment fraud. We are the leading provider of Confirmation of Payee, with the highest matching percentage of 77%, close match of 18% and the lowest no match at 5%. Unlike conventional name matching algorithms, the SurePay algorithm has been specifically designed for Confirmation of Payee from scratch.”
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