- A “Confirmation of Payee” service is now available on a cross-border payments level for the first time in European history due to a collaboration between several key organisations – StreamMind, SurePay and SepaMail.eu.
- The new arrangement will see collaboration between the firms in France and the Netherlands, leading to account information being verified against the beneficiary’s name.
- “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,” said a spokesperson for one of the firms involved.
The first ever “Confirmation of Payee” service to hit the European cross-border payments market has been revealed.
The new service will be offered to customers in France and the Netherlands, thanks to a collaboration between a range of companies.
The firms – StreamMind, SurePay and SepaMail.eu – will work together to offer the service to a range of financial institutions.
It means that account information will be automatically checked against the name of the intended beneficiary when payments between two countries are being made.
According to figures, the new arrangement will mean that more than 30 banks in the Netherlands will become interconnected, leading to almost 100% of the country’s online payments being covered.
For France it is expected that 114 banks and over 90% of French bank accounts will be covered by the new arrangement.
Each organisation will take on a different area of a focus as part of the collaboration.
Sepamail.eu will be involved in account checking services in France.
SurePay will offer the service in the Netherlands through its Iban-Name Check platform.
StreamMind will be responsible for connecting the two companies and ensuring that they have what they need to collaborate effectively.
In a statement, a senior figure at SurePay said that there had already been some significant progress on this front since the company brought in a new name checker service for Iban.
David-Jan Janse, who serves as chief executive officer of SurePay, said that clients of the bank experienced a drop of over 80% when it came to alleged scams.
He also said that there had been a significant decrease in “misdirected payments”.
“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,” he explained.
He went on to say that the company perceived the “next step” to be an expansion of this service to the international money transfer market.
“The natural next step was to make our solution available for cross-border payments.”
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