After making its mark providing IBAN check-ups in the Netherlands, Rabobank has spun off corporate startup Sure Pay as it prepares to launch in the UK ahead of the introduction of new Confirmation of Payee rules.
SurePay currently provides Confirmation of Payee services through it IBAN-Name Check product to 40 businesses in the Netherlands, covering 90% of all online transactions in the country.
Set for introduction in the UK in March, Confirmation of Payee is designed to prevent customers sending money to the wrong bank account or falling victim to payment fraud, by first verifying the account name.
Dorine van Basten, CCO of SurePay, says: “Due to our existing record of success in the Netherlands, we were approached by several financial institutions in the United Kingdom. We have high hopes of our growth potential in the United Kingdom. As a vendor we are currently working closely with several financial institutions to implement Confirmation of Payee.”
SurePay will transition out of Rabobank as a private limited company, giving it the freedom to act as an independent service provider for financial institutions, government, and other business and organisations in both the Netherlands and Europe.
Harrie Vollaard, head of Rabo Frontier Ventures, which handles the bank’s strategic investments, says: “SurePay is proof that innovations from within our own organisation can grow into a successful company. It all started with a great idea, that was encouraged to grow. We’re very proud to see SurePay evolve into an independent company now.”