A partnership has been struck between Signicat and payment information service SurePay which will integrate Signicat’s Digital Identity Platform with SurePay’s bank account verification service.
The partnership is set to reduce bank and identity fraud by enabling financial institutions and businesses in Holland to cross-check a payee’s digital identity with their bank account details to check for discrepancies in real-time.
Marcel Rienties, Co-Founder of SurePay, commented: “By verifying account holders at the point of payment, bank and identity fraud diminishes by 72% in online banking. Not to mention a 90% decrease in of failure in the onboarding process of new customers. By integrating the check in at the payee on-boarding stage both customers and suppliers have found it to prevent dropouts for second line investigation.”
As a result of the partnership, SurePay’s Account Check services will verify a name belonging to an International Bank Account Number (IBAN) against the SurePay database, at the pre-payment stage.
This will be done before end-users send a payment and should there be instances where the details of the beneficiary deviate from those known at the registered bank, then a notification containing instant feedback will flash up to alert the payee of the need for further customer or supplier due diligence.
Gunnar Nordseth, CEO of Signicat added: “Building trust between businesses and customers online is critical in the digital age. Working with innovative solutions providers, such as SurePay, helps us provide businesses and end-users with pioneering and user-friendly solutions, whilst reducing payment risks and fraud.”
Furthermore, as well as receiving alerts of possible fraudulent activity, Signicat and SurePay customers will also receive confirmation of payee service. This will categorise the beneficiary’s details into match, close match and no match for private accounts at the pre-payment stage – this is also set to speed up the digital verification process for creditors and debtors as in the case of minor spelling mistakes SurePay will find and suggest the closest matched account.
Moreover, the check will also inform the customers if there are multiple accountholders involved or if the account is closed.
“SurePay makes it easier for companies to connect when multiple checks are involved. We’re proud to partner with Signicat, the leading Digital Identity Service Provider,” concluded David-Jan Janse, Co-Founder at SurePay.