Digital bank Revolut has announced a new service: Confirmation of Payee – available to over 3 million UK customers. The feature is part of Pay.UK’s anti-fraud initiative, according to a release. The feature has been enabled by its payments partner Modulr, one of the few non-banks to have direct access to the Bank of England payments infrastructure.
Confirmation of Payee provides improved confidence that payments are going to the right recipient whenever they pay a business or personal account. The new feature automatically checks that the recipient’s name and verifies that account details match the information held by the recipient’s bank or payment service provider. If something is amiss, an alert is forwarded to the payer.
The feature helps to protect customers against Authorised Push Payment (APP) fraud and helps dodge simple mistakes.
Revolut notes that it is part of Europol’s European Money Mule Action (EMMA) initiative which includes financial institutions and domestic and international law enforcement agencies across Europe.
Nik Storonsky, CEO and founder at Revolut, said they take financial safety and security extremely seriously and their aim is always to provide our customers with the very latest in-app security features.
“Being able to automatically check that a recipient’s name and account details match the information held by their bank or payment service provider means that our customers benefit from an important new level of protection and can avoid simple mistakes. Thousands of people in the UK fall victim to social engineering scams every year and Confirmation of Payee is a crucial step in the ongoing battle against fraud.”
Myles Stephenson, CEO and founder of Modulr commented:
“We’re committed to providing our partners, such as Revolut, with the very latest in payments innovation and I’m delighted that we were not only the first non-bank or building society to offer Confirmation of Payee, but that we are now the first payment services provider to be able to pass on this functionality to our PSP partners. Utilising our APIs and our participation with Pay.UK’s CoP service, Revolut can now offer its customers an important extra layer of financial protection.”
To enable Confirmation of Payee, Revolut customers in the UK need to update the app to version 7.29.