Europe has its first cross-border Confirmation of Payee service, thanks to a partnership between SurePay, SepaMail.eu and StreamMind.
The service enables companies and banks to check that the account information entered matches the intended beneficiary when initiating cross-border payments between France and the Netherlands.
Sepamail.eu offers an account checking service in France for more than 90% of bank accounts and SurePay’s Iban-Name Check platform covers 99.5% of all online payments in the Netherlands. StreamMind has orchestrated the set-up and ensures a reilable connection between the two entities.
The partnership will connect over 30 Dutch banks, accounting for 99.5% of all online payments in the Netherlands, and 114 French banks accounting for more than 90% of French bank accounts.
David-Jan Janse, CEO of SurePay, says: “Since implementing our Iban-Name Check for banks and corporates in the Netherlands in 2017, our customers have witnessed an 81% drop in reported scams and a 67% drop in misdirected payments. The natural next step was to make our solution available for cross-border payments.”