Account Check helps to prevent fraudulent and misdirected transfers

Account Check essentially provides technical solutions that allow PSPs to provide their customers with real-time feedback on the correctness of entered beneficiary details when making a transfer – a Confirmation of Payee. SurePay’s Account Check solution features the following key components:

  • a tried-and-tested name matching functionality;
  • various options for data management; and
  • Open Banking connectivity.

The key features of Account Check

  • Robust and intelligent name matching algorithm
  • dedicated data management functionalities for ASPSPs
  • Open Banking connectivity for Confirmation of Payee

The need for a 'name check'

Currently, end-users of UK’s payment systems are insufficiently protected against so-called Authorised Push Payment (APP) fraud and payment misdirection. The payer’s inability to verify a name against a sort code and account number leaves them vulnerable to sophisticated scams and simple mistakes.

The UK’s payments industry is now calling for the 2019 introduction of a solution to better protect those end-users of UK payment systems in the form of a ‘Confirmation of Payee’ (CoP). CoP will allow payer’s to obtain increased confidence that they are sending funds to the correct payee by verifying the account details they entered against the account details registered with the payee’s bank for an account.

SurePay Account Check provides a tried-and-tested solution that helps PSPs to deliver their customers with a Confirmation of Payee. Account Check has been specifically designed for the purpose of confirming payee details and has previously been successfully implemented by major banks in the Netherlands.

The matching algorithm behind Account Check

Account Check’s matching algorithm combines cutting-edge data science techniques with profound knowledge of transactions and payer’s behaviour to help prevent fraud and mistakes whilst facilitating Straight Through Processing.

  1. Features built-in matching logic to ensure accurate matching without any detriments to end-users of the service
  2. Unlike conventional name matching algorithms, the SurePay algorithm is specifically designed for Confirmation of Payee from scratch.
  3. Capable and able to interpret both structured and unstructured PSP data and input.

Proven solution for Confirmation of Payee

SurePay succesfully operates its solutions for over 18 months now for a number of banks in the Netherlands, and beyond. The Account Check solution has proven to be highly successful in addressing  fraudulent and misdirected payments at a pre-payment stage.

The service is subject to strict data security policies and complies with the regulatory guidelines for safe processing of personal data within the EU and UK. Moreover, Account Check has been exposed to extensive penetration testing based on the OWASP Application Security Verification Standard.

 

 

  • Software-as-a-Service Solution

    SurePay Account Check is a solution that operates in a secure cloud, which easily integrates with PSP systems and does not require deployment of physical devices in PSP datacentres.

  • High Performance & Availability

    As the SurePay Account Check solution is cloud based, responses are usually returned within 100 milliseconds and high availability is guaranteed.

  • Secure by Design

    Any data that is processed through the SurePay solution is encrypted and transport is secured with TLS. Only the name matching algorithm can access data through a protected sandbox, all within the European Union. Furthermore, SurePay fully operates in accordance with the ISO27001 principles.

Other Features to Account Check

  • Real-time Management Information
    Real-time and comprehensive insights in incoming CoP requests, outgoing CoP responses, the number of responses split by response type and much more, available through easy-to-use tooling or scheduled reports delivered right in your inbox.
  • Data Whitelisting Functionality
    Data management functionality specifically designed for account groups with vulnerable characteristics or accounts with complex (company) account structures, which safeguard privacy and ensure best matching ability.
  • Data Analysis and Query Functionality
    Dedicated tooling with configurable access control restrictions to enable and support own staff with queries and analysis of historic matching responses. Predefined filters allow for lookup on the basis of account, matching response, timestamp, or any other unique identifier.

Frequently asked questions

Confirmation of Payee (UK)

  • How does SurePay support PSPs in Confirmation of Payee?

    SurePay delivers a variety of components that support PSPs seeking to implement Confirmation of Payee through its Account Check solution. The solution comprises the following key components:

    • Name matching functionality
    • Data management options
    • Open Banking Connectivity

    The above components are complementary to one another, but may also be used seperately depending on PSP’s needs and requirements.

  • How does the name matching functionality work?

    The name matching functionality that SurePay delivers as part of the Account Check solution for Confirmation of Payee is fully compliant with industry specifications and guidelines. The algorithm leverages existing know-how and expertise from the Account Name verification solution SurePay operates in the Netherlands, fully tailored to the UK market.

    The name matching functionality features built-in matching logic, which ensures highly accurate matching without introducing any detriments to end users of the service. Moreover, as a result of integrated matching rules, the functionality is able to interpret both structures and unstructured PSP data and matching input.

  • Does Account Check comply with industry regulations and specifications?

    SurePay’s Account Check solutions provide a tried-and-tested functionality for PSPs in the UK seeking to implement and comply with Confirmation of Payee. The functionality fully complies with the relevant specifications and regulation as set out by the industry. In the design of Account Check, required matching rules and purpose of Confirmation of Payee has been taken into account.

    Furthermore, the functionality supports ISO20022-based information exchange between PSPs & SurePay, as well as from the SurePay functionality onward to the Open Banking Environment.

Integration

  • How does Account Check support in Data Management?

    Throughout its experience as the leading Account Name Verification Solution provider in the Netherlands, it’s become apparent that having a name matching algorithm in place alone does not sufficienly support PSPs seeking to deliver Confirmation of Payee. Another key component is managing PSP data and having the right data available for matching purposes.

    SurePay’s data management solutions do provide a variety of ways through which PSP may provision their data to the name matching functionality, whilst taking into account both the needs of Large Scale PSPs and smaller scale PSPs. Please request a brochure here for more information on the data management options SurePay has available for you.

  • How does Account Check integrate with PSP systems?

    Any of the solutions available under SurePay Account Check are API-based and can be easily integrated with existing PSP infrastructure. The solution is a Software-as-a-Service solution and therefore does not require the deployment or installation of any physical devices in PSP datacentres.

    Integrating the SurePay solution is relatively simple due to its API-based nature. Depending on your wishes, you may prefer to include some of SurePay’s data management options specifically designed for Confirmation of Payee.