SurePay, the IBAN-name examine 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 combination of Swift’s fee pre-validation service.
By collaborating with Swift, SurePay can now service banks on a home, pan-European and international 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 international banks to pre-validate worldwide funds.
SurePay presents real-time verification of IBAN and beneficiary names primarily based on reside knowledge sources to validate key fee 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 fee pre-validation service with Beneficiary Account Verification enhances this functionality, taking SurePay’s companies to a worldwide degree.
Bridget Meijer, supervisor of latest markets and partnerships at SurePay, defined the advantages the partnership might assist it supply: “At SurePay, we’re dedicated to having the expertise in place to guard our clients from fraud, misdirected funds, and pointless and expensive friction.
“Swift’s technique to allow immediate and frictionless funds and SurePay’s dedication to offering the best-in-class name-matching answer make for a strong partnership. We look ahead to 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 international locations to deliver the advantages of its enhanced VoP service to a broader European and international viewers.
Making certain interoperability between CoP programs
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 fee pre-validation answer utilises native CoP/VoP responses and the pseudonymised and aggregated knowledge from throughout our community to make sure beneficiary info is right earlier than a fee is executed.
“With Europe adopting immediate funds regulation that features a requirement to pre-validate beneficiary account info, interoperability between CoP programs is a straightforward strategy to keep compliance and make sure the easy and scalable circulation 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 fee knowledge.
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 fee knowledge is right. Doing so drastically expands the impression that home programs can have in tackling fraud and decreasing cross-border transaction friction and operational prices.”
