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Saturday, June 21, 2025
SurePay selected by Railsr as confirmation of payee vendor
Embedded financial solutions provider Railsr has selected SurePay as its UK Faster Payments (UKFP) Confirmation of Payee (CoP) vendor.
SurePay Wins New CoP Client in UK Railsr
Approved push payment (APP) fraud is rising sharply in the UK, from 420.7m in 2020 to 583.2m in 2021 (up nearly 40%), according to UK Finance. increase.
Railsr worked with SurePay and Railsr customer ANNA Money to implement the new CoP service and have it up and running within four weeks.
Rich Herring, senior product manager at Railsr, said the company was “impressed with SurePay’s speed of implementation, guidance and responsiveness.”
SurePay launched CoP service in UK in 2020. Billing himself as a driving force in the evolution of payment security, he performs more than 300,000 checks a day and works closely with payments regulator Pay.UK. Its customers include Natwest, Virgin Money and Triodos Bank UK.
By ensuring that the name of the payee matches the name of the intended payee’s bank account, the CoP will protect the recipient from any intentional or unintentional receipt through payment fraud or through an erroneous payment. Helps prevent people from sending money to the wrong person or business.
Before joining the CoP scheme, ANNA’s customers faced several problems when trying to receive payments from their customers. We realized that some people were unnecessarily worried because our customers seemed unprofessional because we were unable to verify, commented Alexander Kokovin, Head of Business Accounts at ANNA Money.
Our customers and their clients are now safe in the knowledge that their transactions are genuine and legal.
Outside the UK, SurePay offers IBAN-Name Check services in the Netherlands, France and Italy.
SurePay was founded within the Rabobank Group in 2016 and is based in Utrecht, Netherlands. It was spun out as an independent company in early 2020. The following year, it raised 12.2 million euros.
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