News and resources on cyber and physical threats to banks and fintechs worldwide.
Confirmation of Payee goes cross-border for Dutch and French banks

Confirmation of Payee goes cross-border for Dutch and French banks

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.”

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 17 December, 2021, 10:29Be the first to give this comment the thumbs up 0 likes

All was so quiet on the Confirmation of Payee front for years after it was announced that I wondered if it became a fall guy of the pandemic. Good to know that's not the case. Kudos to countries and banks that are implementing CoP.