As the mandated implementation of PSR Group 1 & 2 draws near, the addition of Sinitta to the team will help ensure a smooth onboarding process for more PSP's and Building Societies from Group 2.

Payment System Regulator mandated Confirmation of Payee

In October 2022, the Payment Systems Regulator (PSR) announced that Group 1 needs to have implemented Confirmation of Payee by the end of Oct 2023. Group 2, all other PSP’s, before 31 October 2024. Both responding to CoP requests as well as sending CoP requests to other Banks to verify the beneficiary details before initiating a payment are mandated.

This means an additional 400 payment service providers, which will increase coverage from 92% of Faster Payments transactions to 99%.

Since the announcement SurePay has seen an enormous increase of interest in their CoP solution and have already helped 20+ Banks and 15+ Building Societies with a smooth implementation.

Why it pays to get started now

To ensure this seamless implementation process and to meet the deadline, SurePay advises interested parties to plan for implementation now. By doing so, businesses can avoid longer waiting times and reduce the risk of non-compliance, allowing for more flowing payments and meeting customer expectations.

SurePay’s expanded team and Sinitta, whose leadership will ensure that the company is well-equipped to meet the needs of these new customers.

"I'm excited to join the SurePay team at this pivotal time and be part of such a dynamic and innovative company," said Sinitta. "I will bring my experience and expertise in business development to help drive the growth of SurePay and support the company's continued success.”

Iwan, Head of Revenue at SurePay, shared his excitement about the new hire, saying: "We're delighted to welcome Sinitta to our team. Her experience and knowledge in the industry will be invaluable to us as we continue to expand and enhance our services. We are confident that with Sinitta's support, we can achieve our goals and provide even more value to our customers."

SurePay's innovative solutions have helped revolutionise the payment industry, and the addition of Sinitta to the team marks another important step in the company's growth. With the continued dedication and expertise of its team members, SurePay remains at the forefront of the industry, driving innovation and delivering best in class fraud prevention to its customers.