NatWest taps Bottomline to tackle authorised push payment fraud
NatWest Group has selected Bottomline’s confirmation of payee (CoP) solution as it aims to better protect customers against authorised push payment fraud (APP).
NatWest Group partners with Bottomline to tackle APP fraud
According to Pay.UK, APP fraud is considered a material risk to the reputation of the Faster Payment Scheme (FPS), with the limit for individual FPS transactions having risen from £250,000 to £1 million.
UK Finance introduced CoP in a bid to drive down APP fraud. This service allows customers of participating banks, building societies and credit unions to double check an account holder’s name with the owner of the bank account number ahead of making a payment.
James Hodgson, chief product officer take payments at NatWest Group, says the introduction of Bottomline’s Software-as-a-Service (SaaS) CoP offering “increases the speed at which we want our Agency Institution customers to be adopting the latest beneficiary name checking service” and gives the firm “a solution to protect customer funds from the rising incidents of Authorised Push Payment fraud”.
New Hampshire-based fintech Bottomline was acquired by private equity firm Thoma Bravo in an all-cash deal worth $2.6 billion back in December.
Earlier this year, Swiss neobank Entris Banking selected the firm’s SaaS-based payments platform in a bid to future-proof itself as a payment hub as the country looks to introduce instant payments in the near future.
