Form3 selected by Currencycloud to reduce fraud of CoP in UK

credit: Shutterstock
credit: Shutterstock

In a bid to stir fraud away from the Confirmation of Payee (CoP) process, Currencycloud has chosen Form3 to integrate its account verification technology. 

Form3’s CoP Requester service will enable Currencycloud customers to verify the account holder and payee details in order to establish a quicker and more secure account verification process. 

The technology connects with Currencycloud’s customers via a simple API, performing routing capabilities to drive its Payee Requester Services activity, reducing payment misdirection and increasing fraud detection.

Mike Walters, CEO of Form3, said: “Today’s partnership with Currencycloud demonstrates the value-added services that we can offer customers for fraud protection, in addition to our core payment processing. 

“Fraud will continue to be a big challenge in payments, so we have responded to this by developing cutting edge technologies to minimise fraudulent activity. This is our first engagement with Currencycloud and we look forward to working with them moving forward.”

The announcement follows Form3’s commercial partnership with Visa – parent company of Currencycloud – in September 2023. Visa invested in Form3 to continue its expansion and sought to bring the two companies’ capabilities together to reduce fraud in real-time account-to-account payments.

The CoP rules were launched by the Payment Systems Regulator to reduce certain types of accidentally misdirected payments, and authorised push payment (APP) fraud in bank transfers. 

Form3’s Confirmation of Payee Requester Service will be rolled out to Currencycloud clients from the end of May.

Mark Ledsham, COO at Currencycloud, added: “Utilising Form3’s best-in-class technology provides Currencycloud and our clients access to a robust and resilient fraud prevention solution. 

“Our partnership with Form3 adds further value to our offering and allows us to be more competitive in the payments market.”