The collaboration will see Atom Bank integrate SurePay’s Confirmation of Payee software to verify that the payee’s name and sort code match so they can prevent accidentally sending money to the wrong person.
Roger Mackintosh, head of payments and partnerships at Atom bank, said: “Keeping customers money safe is our top priority and we’re working tirelessly to make sure our customers have the best technology to protect them.”
It comes as research from UK Finance detailed that in the first half of 2020 internet banking fraud jumped by 32 per cent to £64.3m.
Richard Koldewijn, business development manager UK, added: “With all the things 2020 has thrown at the world, fraud has been on the rise as more people are willing to take advantage of the vulnerable.”
“With Confirmation of Payee, we’re able to offer banks a way to help protect more people. We are excited to partner with Atom bank to help protect their customers against fraud and will continue working on further solutions for the UK and Europe.”
SurePay already checks 95 per cent of all Dutch payments with its IBAN-Name Check and its Confirmation of Payee system checks 25 per cent of all online payments in the UK, adding the NatWest Group to its network of UK banks in June 2020.
Expert Analysis: The collaboration is in a strong position to combat fraud as Atom Bank elevates its digital banking status.