Fighting fraud and avoiding misdirected payments
The SurePay CoP solution is a proven, industry recognised name checking service that gives your customers greater assurance about the accuracy, safety and security of payments they are making.
What's more, the checks are all completed within milliseconds, meaning there is not noticeable impact on the user experience.
Key features and benefits extend well beyond reducing payment fraud and misdirected payments:
- Real time name checking functionality
- Flexible data management options
- Easy to implement, with Open Banking connectivity
A great user experience
SurePay's CoP solution checks that a payee's account name, number and sort code matches the details held by the payee's PSP. Everything happens within milliseconds, with minimal impact on the user experience. It begins when a customer makes a payment online or via their mobile app.
- They enter the account name, number and sort code of the recipient
- SurePay immediately sends a CoP request to the recipient's bank
- The recipient bank responds instantly with one of three outcomes: match, mistype or no match
- The customer (the payer) is notified and the payment either proceeds, is amended or cancelled
Key product features
- A proven, highly secure, easy to integrate SaaS solution, available 24/7
- Robust, intelligent, industry recognised name matching functionality
- Ready for Phase 2 of the UK's CoP roll-out
- Flexible data management capability
- Cross border payments
A proven solution
SurePay is the leading provider of CoP services in the Netherlands, and has successfully supported the majority of banks in the country since 2017. The name checking functionality operates in line with all applicable industry guidelines, requirements and specifications.
The SurePay CoP solution operates in a secure cloud, and integrates easily with FI systems without the need for physical data centre deployment.
High Performance & Availability
We run active scenarios across 2 AWS regions, ensuring no outages or service interruptions. Our cloud based solution guarantees a response time of 100 milliseconds and 99,95% availability.
Secure by Design
All data processed is encrypted, secured and transported with TLS. Our service is fully compliant with ISO27001 principles and delivers an audited ISAE 3402 type II report.
The service is subject to strict data security policies and complies fully with EU and UK regulation regarding the safe processing of personal data. The CoP service has undergone extensive testing based on the AWASP Application Security Verification Standards.
Our name matching algorithm
SurePay's CoP solution is built around our industry leading name matching algorithm, which combines cutting-edge data science technology with a deep knowledge of transactions and payer behaviour. Unlike conventional solutions, our algorithm is specifically designed to support client requirements for a robust CoP service:
- Highly accurate name matching within milliseconds, that enhances the customer's payment experience
- Able to recognise both structured and unstructured data input formats, without impacting performance standards
- Helping every client prevent fraud and identify mistakes, whether they are a financial institution or a corporate organisation
Ready for CoP Phase 2 in the UK
In the UK, Confirmation of Payee is being implemented in two phases.
Phase 1, was introduced in 2020. It provided a name checking service for all UK based payments and was offered to all eligible participants (i.e., those registered as a full Open Banking member for PSD2 purposes).
Phase 2 expends the eligibility criteria, allowing all account holding PSPs to participate in the Confirmation of Payee service.
SurePay has worked proactively with Pay.UK and the wider payments industry through this period. Our CoP service is already able to support Phase 2 when the wider PSP eligibility criteria came into force later in 2021.
Other features of the SurePay CoP solution
- Real-time management information
The solution provides real-time, comprehensive insight into all incoming CoP requests, outbound CoP responses and more - accessed through easy-to-use tooling and scheduled reports delivered straight to your inbox
- Flexible data analysis and query management
Dedicated tooling will empower your staff to run their own queries and analyse historic matching responses, while predefined filters enable analysis based on a range of unique identifiers, including account lookup, matching response and timestamp
- Data whitelisting
The CoP solution has specifically designed functionality to support account groups with vulnerable characteristics or accounts with complex structures, safeguarding their privacy whilst maintaining best matching capability
- Cross border payments
Our solution also checks international bank accounts, ensuring cross border remittances can enjoy the same fraud benefits as domestic payments
Frequently Asked Questions
CoP for Organisations
How can the CoP check help my company?
The SurePay CoP check can help your company in several ways - our existing customers generally use it to overcome three issues:
- Make sure who your customer is: implement the CoP check at the onboarding of new customers to ensure the process goes as fluently as possible and to decrease the chances of fraud.
- Ensure you have the correct payment details: implement the CoP check in your payment system to ensure that your payment or invoice goes to the right person or company.
- Speed up the process: manual checks on your customer and/or suppliers costs time and resources. Our API solution works instantly and shows in a blink of an eye if the provided name corresponds with the payee name and bank account.
Can you give examples of client cases?
Several of our clients applied the CoP service at their onboarding and client accepting process. They recorded a 90% decrease in drop-outs during onboarding and a 80% decrease in fraudulent onboarding.
Example clients: The Netherlands’ largest insurance companies and Atom Bank in the UK.
Many of our clients make use of the CoP service to reduce the percentage of uncollectible invoices. Our clients saw a decrease of 50% in overall uncollectible invoices as a result of implementing our CoP solution.
Example clients: We performed millions of CoP checks for the Dutch government and HMRC for the Covid-19 payouts.
Which accounts can be checked for CoP?
All Sterling accounts of CoP participating banks can be checked. The check can be applied on both personal and business accounts.
As from March 2020, the CoP service is live in the UK for all major banks. Since then, new banks are joining the CoP scheme every month and thereby increasing the coverage.
On an international level, SurePay is able to provide the service across borders as well. This service is available in countries where SurePay is currently active. For more information please fill in the contact form
CoP for FI's
What are project lead times?
Please request a sample implementation plan to learn more about the process and timelines for implementing SurePay Confirmation of Payee or the IBAN-Name Check.
How does SurePay Confirmation of Payee integrate with FI systems?
All of SurePay’s Confirmation of Payee solutions are API-based and can be easily integrated with existing FI infrastructure. The solution is a Software-as-a-Service solution and therefore does not require the deployment or installation of any physical devices in FI datacentres.
Integrating the SurePay CoP solution is relatively simple due to its API-based nature. Depending on your wishes, you may prefer to include some of SurePay’s data management options specifically designed for Confirmation of Payee.
How does SurePay Confirmation of Payee support in Data Management?
Throughout our experience as the leading Confirmation of Payee Solution provider in the Netherlands, it’s become apparent that having a name matching algorithm in place alone does not sufficiently support FIs seeking to deliver Confirmation of Payee. Another key component is managing FI data and having the right data available for matching purposes.
SurePay’s data management solutions do provide a variety of ways through which FI may provision their data to the name matching functionality, whilst taking into account both the needs of Large Scale FIs and smaller scale FIs. Please request a brochure here for more information on the data management options SurePay has available for you.