Confirmation of Payee service SurePay will launch its solutions on the cloud-based Temenos Exchange in preparation for various incoming payment regulations.
The integration on Temenos Exchange enables banks to deploy SurePay solutions on their Temenos core banking system. Banks can now access Verification of Payee (EU), Confirmation of Payee (UK) and SWIFT Beneficiary Account Validation (BAV).
With impending regulatory changes from the UK Payment Systems Regulator and EU legislation on instant payments, data and security through PSD3, SurePay has cited the Temenos Exchange as a vital way to prepare.
David Jan Janse, CEO of SurePay, commented: “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. We have a proven solution.
“With 100+ banks, in several countries and with multiple schemes, we are the only real Bank Account Verification specialist in the world. We are thrilled to be able to work with the Temenos community.”
The SurePay solution is designed to reduce impersonation fraud, authorised push payment (APP) scams and misdirected payments, increasing the certainty that payments are sent to and received by the intended account holder.
The solution aims to provide a secure and efficient payment experience for customers, whilst ensuring regulatory compliance for institutions.
By launching SurePay APIs on the Temenos Exchange, the company is increasing seamlessness for banks to integrate Confirmation of Payee and Verification of Payee into their existing systems.
Martin Bailey, Director of Innovation and Ecosystems of Temenos, added: “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.”
