It is already very common in the Netherlands, but certainly not beyond national borders – IBAN name verification. That is changing now. SurePay has announced a single European IBAN-name verification solution that provides coverage across all EU countries – for cross-border and domestic payments.
That’s good news. SurePay points out that international fraud is increasing every day. However, payment fraud – such as invoice, WhatsApp and CEO fraud – can be detected early by using IBAN name verification before payment is made. For that reason, the European Commission is working on instant payment legislation, including mandatory IBAN name verification.
Utrecht’s fintech is already active in several European countries such as the United Kingdom, the Netherlands, Italy and France, but is now ready to launch across the EU.
In addition to direct links to over a hundred banks, SurePay has links to payment programs in Europe such as CBI’s Check IBAN and SEPAmail. In total, fintech has already processed more than 6 billion checks and developed a matching algorithm that generates a very low number of false positives.
‘Best Solution’
“Our European IBAN name verification provides banks with a seamless and secure payment experience with high coverage across all European countries,” explains SurePay CEO David John Johns. “We will ensure our customers have the best solution: one that meets banking standards and privacy laws and is secure.”
“We provide highly accurate IBAN-name matching based on real-time verified account holder data. Our solution is designed to meet this requirement as well as domestic and European regulations,” said SurePay’s CEO.
