/security

News and resources on cyber and physical threats to banks and fintechs worldwide.

Rabobank spins off Confirmation of Payee startup SurePay

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.

  6 2 comments

Rabobank spins off Confirmation of Payee startup SurePay

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

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.”

Sponsored [Upcoming Webinar] Next Gen Payment Processing: How banks can embrace the future

Comments: (2)

David Gyori

David Gyori CEO at BANKING REPORTS, LONDON

A very good example of INSIDE OUT INNOVATION. Great, well done. My respect!

David Gyori

David Gyori CEO at BANKING REPORTS, LONDON

I also like the name SurePay!

[Upcoming Webinar] Next Gen Payment Processing: How banks can embrace the futureFinextra Promoted[Upcoming Webinar] Next Gen Payment Processing: How banks can embrace the future