Railsr, the leading global embedded finance experience platform, has selected SurePay as its UK Faster Payments (UKFP) Confirmation of Payee (CoP) vendor to help its customers combat fraud and misdirected payments in the UK.
With SurePay, Railsr can now take the next step in putting customer payment safety first when it comes to payments.
Recent research from UK Finance revealed that the number of incidents of Authorised Push Payment (APP) fraud in the UK has increased by 39% from £420.7 million in 2020 to £583.2 million in 2021. It has become increasingly clear that fraudsters are now targeting non-Confirmation of Payee banks and financial services firms.
Railsr collaborated with SurePay and Railsr customer ANNA Money to get its new Confirmation of Payee service implemented and live within a rapid four weeks. By ensuring that a payee’s name matches the name on the intended recipient’s bank account, Confirmation of Payee helps prevent payees from transferring money to the wrong person or business, whether by intent, through payment fraud, or unintentionally through misdirected payments.
As the first CoP vendor and European market leader, SurePay is the driving force in the evolution of payment safety. Today, SurePay performs over 300,000 checks a day in the UK and works closely with Pay.UK to continuously improve its CoP offering.
Rich Herring, Senior Product Manager at Railsr: “Protecting our customers is paramount and we are committed to delivering payment experiences that are swift, seamless and secure. We are delighted to have teamed up with SurePay which offers a trusted solution to fraudulent and misdirected payments. We have also been impressed with their implementation speed, guidance and responsiveness, and look forward to working with them over the coming years to ensure the safety of our customers.”
David-Jan Janse, CEO at SurePay, said: “Partnering with Railsr will allow us to reach even more customers protecting them against the ever-growing threat of online payment fraud. With 5 Billion checks performed and the lowest percentage of false warnings, we are the leading provider of Confirmation of Payee. SurePay’s algorithm has been specifically designed for our Confirmation of Payee solution. Together with Railsr, we bring a best in class solution helping to keep their customers safe.”
Alexander Kokovin, Head of Business Accounts at ANNA Money comments; “Doing business is all about trust and this is especially important when it comes to payments. Prior to joining the CoP scheme, ANNA’s customers had faced some issues when trying to get paid by their clients. We recognised that it caused some people to worry unnecessarily that paying into an ANNA account wasn’t entirely safe and our customers appeared unprofessional as their details couldn’t be verified. Through our partnership with Railsr, we successfully piloted SurePay’s solution during a month-long trial in June and are delighted that ANNA is now part of the CoP scheme. Our customers and their clients are now secure in the knowledge that the transactions are authentic and legitimate.”