Railsr, the embedded finance experience platform, has chosen SurePay as its UK Faster Payments (UKFP) Confirmation of Payee (CoP) vendor in order to assist its clients with combatting fraudulent activities and misdirected payments carried out in the United Kingdom.
With SurePay, Railsr may now take the next step towards putting customer payment safety first when it comes to making secure digital payments.
Research from UK Finance has recently found that the number of incidents of Authorized Push Payment (APP) fraud in the United Kingdom has surged by nearly 40% from £420.7 million in 2020 to £583.2 million last year. It has become abundantly clear that fraudsters or bad actors are now targeting non-Confirmation of Payee banking institutions as well as financial services companies.
Railsr worked with SurePay and Railsr client ANNA Money in order to get its Confirmation of Payee service implemented and live within a span of just 4 weeks.
By ensuring that a payee’s name accurately matches the name on the intended recipient’s bank account, Confirmation of Payee helps with preventing the payees from transferring funds to to the wrong (or unintended) person or company, whether by intent, via payment fraud, or unintentionally via misdirected payments.
As the first CoP vendor and European market service provider, SurePay claims it acts as the driving force in the “evolution” of payment safety. At present, SurePay carries out more than 300,000 checks per day in the United Kingdom and works cooperatively with Pay.UK in order to continuously enhance its CoP offering.
Rich Herring, Senior Product Manager at Railsr, said:
“Protecting our customers is paramount and we are committed to delivering payment experiences that are swift, seamless and secure. We are delighted to have teamed up with SurePay which offers a trusted solution to fraudulent and misdirected payments. We have also been impressed with their implementation speed, guidance and responsiveness, and look forward to working with them over the coming years to ensure the safety of our customers.”
David-Jan Janse, CEO at SurePay, stated:
“Partnering with Railsr will allow us to reach even more customers protecting them against the ever-growing threat of online payment fraud. With 5 Billion checks performed and the lowest percentage of false warnings, we are the leading provider of Confirmation of Payee. SurePay’s algorithm has been specifically designed for our Confirmation of Payee solution. Together with Railsr, we bring a best in class solution helping to keep their customers safe.”
Alexander Kokovin, Head of Business Accounts at ANNA Money, remarked;
“Doing business is all about trust and this is especially important when it comes to payments. Prior to joining the CoP scheme, ANNA’s customers had faced some issues when trying to get paid by their clients. We recognised that it caused some people to worry unnecessarily that paying into an ANNA account wasn’t entirely safe and our customers appeared unprofessional as their details couldn’t be verified. Through our partnership with Railsr, we successfully piloted SurePay’s solution during a month-long trial in June and are delighted that ANNA is now part of the CoP scheme. Our customers and their clients are now secure in the knowledge that the transactions are authentic and legitimate.”