Banks in the UK and EU are facing new regulations which means it is imperative they have a robust and compliant CoP/VoP solution in place. The deadline from the UK Payment Systems Regulator for Payment Service Providers is 31 October 2024 (Specific Direction 17). The deadline in Europe for Verification of Payee, based on the Instant Payment regulation, is October 2025.

The SurePay solutions, now available via FIS, help UK and EU PSPs comply with these changes.

The FIS - SurePay partnership offer’s SurePay’s best-in-class name matching algorithm, which is designed to reduce impersonation fraud, Authorised Push Payment (APP) scams and misdirected payments. As such, it offers a secure and efficient payment experience for customers and improved business efficiencies, as well as regulatory compliance.

Feedback from SurePay customers indicates that the SurePay solution has resulted in up to an 81% reduction in impersonation fraud and a 67% reduction in misdirected payments. Ultimately, this represents cost savings and an excellent return on investment for customers.

SurePay is the most trusted Confirmation of Payee (CoP) provider in the UK, and Verification of Payee (VoP) provider in Europe, and has facilitated over 7.5 billion CoP/VoP checks across the UK and EU since 2017. This partnership will help PSPs in the FIS ecosystem?? access SurePay’s award-winning CoP and VoP solutions.

Working with 95% of the world’s leading banks and supporting more than one million merchants around the globe, FIS is at the heart of the commerce and financial transactions that power the world’s economy. The FIS is a dedicated ecosystem of companies which share in opportunities for growth, learning and technological innovation.

David Jan Janse, CEO, SurePay, said: “With regulatory changes around the corner, it’s critical that payment service providers in the UK and in the EU have a CoP/VoP service in place.”

“With 100+ banks in several countries directly connected and connectivity to multiple schemes in Europe and global, we are the only real VoP/CoP/Bank Account Verification specialist in the world. Partnering withFIS expands our reach and helps firms access our award-winning solutions.”

Daniel Hurst, Head of Products and Services, Said: “APP fraud accounts to 40% of the fraud losses in 2022 in the UK, with a total value approximately 240 million reimbursed by the direct participant. FIS and Surepay’s Partnership solution in UK and EU can provide the needed confidence to the PSPs and their end customers; data integrity and avoid APP fraud and misdirected payments”.