SurePay, the IBAN-name verify supplier, affirmation of payee (CoP) and verification of payee (VoP) to over 100 banks, has expanded its companies following a strategic settlement with Swift, the messaging community, and the mixing of Swift’s cost pre-validation service.
By collaborating with Swift, SurePay can now service banks on a home, pan-European and world scale, boosting the safety of their monetary transactions. SurePay’s VoP name-matching answer will function domestically and cross-border, hoping to empower European, British and world banks to pre-validate worldwide funds.
SurePay affords real-time verification of IBAN and beneficiary names primarily based on dwell information sources to validate key cost info earlier than initiating a transaction. It developed the service to assist PSPs add a vital layer of verification and danger mitigation to monetary transactions.
Swift’s cost pre-validation service with Beneficiary Account Verification enhances this functionality, taking SurePay’s companies to a worldwide degree.
Bridget Meijer, supervisor of recent markets and partnerships at SurePay, defined the advantages the partnership may assist it supply: “At SurePay, we’re dedicated to having the know-how in place to guard our prospects from fraud, misdirected funds, and pointless and expensive friction.
“Swift’s technique to allow on the spot and frictionless funds and SurePay’s dedication to offering the best-in-class name-matching answer make for a strong partnership. We sit up for persevering with our mission and journey globally alongside Swift.”
SurePay will leverage Swift’s in depth community of 11,500 establishments throughout greater than 200 nations to deliver the advantages of its enhanced VoP service to a broader European and world viewers.
Making certain interoperability between CoP techniques
Thomas Peeters, head of Benelux, Nordics and Baltics at Swift, defined: “Easy errors are the reason for large delays in cross-border funds. Swift’s cost pre-validation answer utilises native CoP/VoP responses and the pseudonymised and aggregated information from throughout our community to make sure beneficiary info is right earlier than a cost is executed.
“With Europe adopting on the spot funds regulation that features a requirement to pre-validate beneficiary account info, interoperability between CoP techniques is a straightforward solution to keep compliance and make sure the easy and scalable move of pan-European and cross-border funds.”
SurePay buyer Rabobank is likely one of the PSPs that has already built-in Swift’s answer into its Affirmation of Payee system to allow international banks to pre-validate cost information.
Ton Versteeg, specialist funds/market infrastructures at Rabobank, additionally commented: “As a member of the Fee Pre-validation group, we at Rabobank perceive the worth we will deliver as a knowledge supplier on the service.
“We’ve built-in Swift’s answer into our present home Affirmation of Payee system, SurePay, to assist banks past our borders pre-validate if their cost information is right. Doing so drastically expands the impression that home techniques can have in tackling fraud and decreasing cross-border transaction friction and operational prices.”
