allpay recently announced the introduction of their Confirmation of Payee solution.
Developed in-house, the tech should enable the Hereford-based payment service provider’s 16,000 Banking Lite cardholders to take advantage of the Open Banking ecosystem.
Clients can link up their allpay pre-paid account to other banking institutions, building societies and financial service providers. They may utilize budgeting tool apps, enabling them to check outstanding balances, complete payments and also share transaction data.
As part of the financial inclusion efforts, clients may access credit and debt advice or financial advice making banking more seamless.
As a fraud prevention measure, allpay is launching Confirmation of Payee (CoP) to its Prepaid service.
With APP fraud, now valued at around £500 million, CoP should enable clients of participating Banks, Building Societies and Credit Unions to double-check, well ahead of carrying out a payment, that the account holder’s name actually matches the owner of the bank account number.
As explained in the update, CoP checks should become a key part of allpay’s service when completing a payment on behalf of its cardholders and should be rolled out to allpay’s UK based contact center which takes around £1 million of payments every year.
allpay’s has created a SaaS solution which will be offered to qualified participants.
With the core of allpay’s solutions built around its option to implement major payments products in-house and provide these without depending on partnerships or third-party providers, the Confirmation of Payee product should be used to support qualified participants.
Michelle Pacey, MD at allpay Limited stated:
“In the ever-changing payments environment, it is important for allpay to be part of the journey that has seen financial institutions innovating alongside regulators and governing bodies. With an existing market leading payments solution that serves some of the most vulnerable in today’s society, being able to build our own technology without the reliance on third parties enables allpay to push the boundaries of what we can do as a business.”
The launch of Confirmation of Payee should give clients and consumers improved security and an enhanced user experience, offering the chance to make well-informed decisions around their finances.