Allica Bank taps SurePay for Confirmation of Payee solution
UK challenger Allica Bank has partnered with SurePay to implement its Confirmation of Payee (CoP) solution which protects customers against fraud and misdirected payments.
Allica Bank taps SurePay for Confirmation of Payee
With CoP, customers can avoid sending online payments to the wrong person through fraud or human error by verifying the recipient’s name and bank details before the payment is made.
Ravneet Shah, Allica Bank’s chief technology officer (CTO), says CoP “is an invaluable tool for customers, giving them further assurance that their payments will reach their intended recipient.”
Allica, a digital native bank, caters to small and medium-sized enterprises (SMEs) in the UK. In December, it raised £100 million in a Series C funding round.
Founded in 2016, SurePay is a European supplier of the IBAN-name check service to almost every major Dutch bank, along with more than 250 companies including insurance firms, pension funds and energy suppliers.
SurePay has been offering CoP in the UK since 2020, with recent clients including Railsr, Virgin Money and Triodos Bank.
