1. SurePay 2020 in numbers
In 2020 SurePay experienced tremendous growth and introduced new solutions for banks and organisations. In February, SurePay entered the UK market with a Confirmation of Payee (CoP) solution to help customers ensure they pay to the right person and to the correct account.
The SurePay algorithm is specifically designed for Confirmation of Payee from scratch and fully operates in line with the Pay.UK requirements and specifications. Now, every day, we warn over 17,000 times about fraud and errors. In 2020 we warned 777,000 times that money was going to be transferred to a person rather than a company. In the Netherlands warnings like this led to a drop of fraud by 81%.
In addition, SurePay is playing a key part in ensuring that HMRC’s payments related to Covid-19 are delivered to the right person, working in collaboration with NatWest Group during the coronavirus crisis.
And, as the icing on the cake, we won the CIO Innovation Award and The Banking Tech Award! Below, we look back on the eventful year 2020.
Total global checks since 2017
- Banks using SurePay CoP
- No match warnings
- Average uptime
- of all online payments in the UK
- Checks per day
- 75 ms
- Average processing time
Best in class Conformation of Payee solution
SurePay Confirmation of Payee ‘s matching algorithm combines cutting-edge data science techniques with profound knowledge of transactions and payer’s behavior to help prevent fraud and mistakes whilst facilitating Straight Through Processing. The SurePay algorithm is specifically designed for Confirmation of Payee from scratch. Every check should be accurate to avoid false positives or false negatives. It looks quite simple but it's quite complex for example Elisabeth is a match with Betty, but also we take into account initials, joint account, abbreviations, truncations, out of order and many other human inconsistencies.
2. New in 2021
According to UK.finance, in the first 6 months of 2020 there has been an increase in fraud payments with non-CoP participants, providing evidence that a wider implementation of CoP in the UK market is fundamental to reducing fraudulent and misdirected payments.
The aim for 2021 is to allow for all account holding FIs to participate with confirmation of payee to eradicate misdirected payments. This can be either as a result of fraud (typically authorized push payment, or APP, fraud) or simply the entering of erroneous information (‘fat finger syndrome’ or outdated information).
SurePay is consistently working on their solutions and looking to the future.
2021 is going to be exciting for SurePay and here’s why:
- CoP phase 2 for all account holding FIs
- Direct Corporate access
- HOCA (Head Office Collection Account)
- Secondary reference number
- Bulk file check
- Offline / periodic data provisioning upload
Do you want more information on CoP implementation?
Our service is integrated by 25+ banks and 125+ corporates
3. Direct Corporate Access
For corporate customers, SurePay provides an even more sophisticated version of it’s Confirmation of Payee solution. This service is available via an API providing direct corporate access. In 2020, we saw a spectacular growth of 1719% in the number of checks compared to 2019. More than 125 corporates and government agencies now use the IBAN-Name Check/CoP Solution. They use the service in the onboarding process of new suppliers and customers (KYC), in claims and payout processes, in direct debit processes and in fraud investigations. This makes processes more efficient, safer and reduces the risk of fraud.
The results are impressive:
- 90% less drop-outs during onboarding
- 80% less fraudulent onboardings
- 50% less uncollectible invoices
For example, we contribute to HMRC with our Confirmation of Payee (CoP) solution to make sure that the Covid-19 payments are delivered safely, at scale and to the right people. In the Netherlands SurePay is also playing a key part in ensuring safe Covid -19 Payouts.
4. New developments Confirmation of Payee
We are constantly working on even better identification services based on the account number.
In 2020 a number of new services were introduced that are highlighted below:
Immediately want to find out whether a contact person or company has switched to another bank? With the Switch Check from SurePay you see this automatically.
With SurePay Pay to Mobile customers can easily and securely pay in your Banking App to friends and acquaintances on their contact list. In the future we will add more identification options to this service. SurePay uses the smart Confirmation of Payee algorithm for this.
We develop new variations of Confirmation of Payee, such as Cross Border and Bulk Payment Checks.
More on this in the course of 2021.
5. Awards and nominations
Wonderful recognition at renowned awards.
6. SurePay in the press
7. Our presence at events
We are always looking for opportunities to spread our vision and expertise on Confirmation of Payee, fraud prevention and the operational benefits it offers. That is why we were present at the following online events.