Financial institutions must have Verification of Payee (EU) and Confirmation of Payee (UK) systems in place due to upcoming regulatory changes from the UK Payment Systems Regulator (SD17) and EU law on Instant Payments, data, and security (PSD3).

Financial institutions can effortlessly implement SurePay solutions on top of their Temenos core banking system thanks to its connection with Temenos and availability on Temenos Exchange. Banks can now use the SurePay API to obtain SWIFT Beneficiary Account Validation (BAV), Verification of Payee (EU), and Confirmation of Payee (UK) via Temenos Exchange.

Authorized push payment (APP) frauds, misdirected payments, and impersonation fraud are all intended to be less common with the SurePay technology. It makes it more certain that the designated account holder will receive and receive payments. The technology guarantees regulatory compliance for banks while offering clients a safe and effective payment experience. According to feedback from SurePay customers, the technology has enhanced business efficiencies by reducing impersonation fraud by up to 81% and misdirected payments by up to 67%.

With billions of checks processed throughout Europe, SurePay is the most reputable provider of Verification of Payee (VoP) and Confirmation of Payee (CoP) services in the UK and EU. It is now even simpler for banks to incorporate a reliable CoP and VoP solution into their current systems in order to safeguard their clients and maintain regulatory compliance, thanks to the availability of the SurePay APIs on Temenos Exchange.

Temenos Exchange accelerates and scales up the commercialization of innovation. With the ecosystem's pre-integrated and certified fintech solutions, banks may quickly and affordably launch new financial services while cutting development costs on top of Temenos' open platform for composable banking.

"Temenos Exchange acts as an accelerator for fintechs and software developers, helping them develop, validate, and monetarily support new banking solutions," stated Martin Bailey, Director of Innovation and Ecosystems at Temenos. Since SurePay is now part of Temenos Exchange and has integrated with Temenos, thousands of banks around the world that use our platform can access it with just one write. and given the impending laws, that is incredibly valuable to our clients.

"We are on a mission to protect our clients and their customers against the growing threat of fraud worldwide, both domestically and cross-border," stated David Jan Janse, CEO of SurePay. We've got a working solution. We are the only real/bank account verification specialists in the world, working with more than 100 banks across numerous nations and schemes. Working with the Temenos community brings us great joy.

Established in 2016, SurePay has been supplying the IBAN-Name Check to all of the main Dutch banks since 2017. In the years that followed, SurePay grew its clientele and started offering banks, businesses, building societies, and partners the Confirmation of Payee service. Nowadays, SurePay processes more than 4,000,000 checks everyday and issues 200,000 warnings about invalid names and IBANs. In Europe, new services are presently in development, and SurePay is included in the SWIFT Pre-validation process.