Virgin Money partners SurePay to implement Confirmation of Payee
SurePay, a European platform that provides online banking account verification services, has partnered with Virgin Money in the UK to implement its UK Confirmation of Payee solution.
Virgin Money partners SurePay for Confirmation of Payee
The Confirmation of Payee solution enables payments to be made to the intended party, reducing misdirected payments and helping prevent fraud.
SurePay says its algorithm is “specifically designed” for Confirmation of Payee and operates in line with the requirements and specifications of retail payments authority Pay.UK.
The account verification solutions provider says it already checks 35% of all bank transfers in the UK. In the Netherlands, it claims to cover 99.5% of the market and having performed “nearly five billion” checks
“We are committed to protecting our customers from fraud and Confirmation of Payee is a valuable tool in achieving that,” says Fergus Murphy, chief customer experience officer at Virgin Money.
Murphy cites SurePay’s “extensive experience” in this field, hence the decision to sign with the vendor.
Virgin Money is a full-service digital bank, with over 6.5 million customers across the UK.
