SurePay makes solutions available on Temenos Exchange partner ecosystem

SurePay has joined the cloud-based Temenos Exchange partner ecosystem, making its Verification of Payee (VoP) and Confirmation of Payee (CoP) solutions more easily accessible to banks and financial institutions through the platform.

Using the SurePay API, banks can access VoP, CoP and SWIFT Beneficiary Account Validation via Temenos Exchange.

It comes as financial institutions in the UK prepare for impending regulatory changes from the UK Payment Systems Regulator and EU legislation on instant payments, data, and security, both of which require banks to have VoP and CoP solutions in place.

The integration with Temenos and availability on Temenos Exchange means that banks can deploy SurePay solutions on top of their existing Temenos core banking system.

SurePay’s solution is specifically designed to combat impersonation fraud, authorised push payment (APP) scams, and misdirected payments.

The SurePay platform has contributed to an 81% reduction in impersonation fraud and a 67% reduction in misdirected payments, according to customer feedback.

The UK’s national retail payments system Pay.UK recently reported that CoP has reached two billion checks in the UK – a new milestone.

Martin Bailey, director of innovation and ecosystems at Temenos, said: “Temenos Exchange acts as an accelerator for fintechs and software developers, helping them develop, validate and monetise new banking solutions.

“The integration with Temenos and joining Temenos Exchange means SurePay can write once and be readily available to the thousands of banks globally that run on our platform, and that is of tremendous value for our customers with the upcoming legislations.”

David Jan Janse, chief executive officer of SurePay, added: “We are on a mission to protect both our clients and their customers against the growing threat of fraud worldwide, both domestically and cross-border.”

SurePay has been providing IBAN name-check services to major Dutch banks since 2017.

SurePay now performs more than four million checks daily and issues warnings 200,000 times a day when there are incorrect name and IBAN combinations.

The company has confirmed it is actively developing new services in Europe.