Exela Technologies has expanded its collaboration with Co-operative Bank for the deployment of Exela’s Confirmation of Payee (CoP) platform, an account name verification service as proposed by Pay.UK.
The service seeks to provide an additional layer of security for customer transactions, ensuring that the money is sent to the intended bank account.
Maria Cearns, Managing Director of Current Accounts and Savings, Co-operative Bank commented: “The security of our customers is of paramount importance to us and we’re pleased to provide our customers with further confidence when making online payments.
“We will continue to focus on providing quality service for our customers and it’s great we can use innovative solutions like this to help us deliver on our customer commitments.”
It comes after Exela’s recently announced Request to Pay (RtP) solution, which enables consumers to electronically receive payment requests, view bills, and make real-time bill payments all in one place.
This additional layer of verification uses algorithms and Open Banking, which enables financial information sharing and automating payment through an Application Programming Interface (API), to check that the payer’s account name matches the ‘payee’ account details.
Vitalie Robu, President, EMEA added: “Both ICS and CoP services leverage Exela’s 40 years of experience in payments. For over two decades Exela has been providing banks across EMEA with similar CoP platforms and our data scientists are now bringing their knowledge and expertise to fine-tune CoP for the UK market.”
This service focuses on player protection by detecting fraud and accidental payment errors. It also leverages Exela Technologies’ CoP platform, which is currently processing over five million verification requests a day for hundreds of banks and is built using Exela’s modern data analytics and workflow platforms. In addition to protecting payers against fraud and errors, CoP makes the back-office payment exceptions process more efficient and improves the end-to-end customer experience.
Exela Technologies first partnered with the Co-operative Bank in 2017 as it became the first bank to fully roll-out the new Image Clearing System (ICS), which is the government-sponsored digitisation of cheques initiative. The Co-operative Bank utilises Exela’s hosted ICS platform with a full suite of capture services, including branch, bulk and postal payments channels as well as exceptions processing and fraud.