SurePay announces the European Union’s end-to-end IBAN name verification solution

Dutch FinTech firm SurePay announces the launch of “One European IBAN-Name Check”. The new innovative real-time name verification solution offers all the services and benefits of IBAN name verification across Europe, for both cross-border and domestic payments in all EU countries. The solution fulfills all the requirements of the new legislative proposal of the European Union Commission to increase the security of instant payments.

zPayment fraud is on the rise and is becoming a bigger problem for banks and consumers, including internationally. SurePay’s IBAN check is an automated check of reasonableness between the IBAN and payee name prior to executing an online transfer or instant payment. As such, it effectively detects authorized payment fraud such as billing, authorization fraud, impersonation, and CEO fraud.

In October 2022, the EU Commission also introduced a legislative proposal that all citizens and companies with an account in an EU or EEA country must access instant payments in euros. This would make instant payments safer, faster, and easier to process without costing more than traditional online transfers. It is expected to be adopted in the fall of 2023.

The proposed legislation for instant payments also provides for mandatory IBAN name verification, as offered by the SurePay solution. This not only supports banks in combating payment fraud and money laundering, but also relieves them of erroneous payments and associated high operating costs and chargebacks.

SurePay is already active in many European countries such as UK, Netherlands, Italy and France with over 100 banks and over 170 million bank accounts with IBAN name verification and is now ready to roll out at EU level.

SurePay connects not only to banks directly but also to other systems in Europe such as CBI’s Check IBAN and SEPAmail and is used by its customers in their daily business. Already 175,000 “non-conformance” warnings are being issued per day and many fraud attempts have been successfully prevented. In total, SurePay has already performed over six billion checks and developed a matching algorithm that generates very few false positives.

We are now pleased to also offer our European IBAN verification solution, providing banks with a seamless and secure payment experience with the widest reach across all countries in Europe. We are committed to ensuring that our customers receive the best solutions for handling bank customer data: bank-friendly, data protection compliant and audited. This allows us to deliver the most accurate IBAN matching based on verified account holder data in real time. Our solution is designed to comply with these national and European requirements and regulations. “

David Jan Jansy, CEO, SurePay

We now offer banks across Europe a pan-European solution that complies with national regulations and upcoming European regulations for instant transfers. Our single European IBAN check also provides possibilities for banks to offer additional added value to their corporate clients, for example by checking supplier or customer data.”

Michael Hulsgensen, Head of DACH Marketplace at SurePay

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