Digital payments expert, PayPoint, has launched Confirmation of Payer or Payer Name Verification service to its suite of open banking solutions.
Confirmation of Payer enables businesses to confirm that account information provided by a payer corresponds to the account number, sort code, and name registered with the bank. It can be used when setting up Direct Debits to not only ensure that the correct details have been inputted but also help prevent fraud and subsequent indemnity claims. The solution is delivered through a web portal or easily integrated via APIs.
According to Pay. BAC’s annual statistics report 2022 there were 4.7 billion Direct Debits processed in the UK in 2022.
Over 450 clients across a broad range of sectors such as government, utilities, e-commerce, charities, and banking trust PayPoint to process more than 650 million payments a year for their customers.
Similar to PayPoint’s Confirmation of Payee services, Confirmation of Payer offers a simple and cost-effective solution that helps organisations avoid costly and time-consuming errors while also reducing fraud.
“Our Confirmation of Payee service has been very successful and seen huge appetite among businesses looking to add further safeguards into their existing operations or replace less effective incumbent solutions," said Danny Vant, Managing Director of Client Services at PayPoint. "Adding Confirmation of Payer to our product suite is the natural next step in continuing to build out this service to deliver a fully rounded, integrated offering to clients.
“Despite many existing safeguards, a significant number of Direct Debit payments do not reach the intended recipient due to fraud or inaccuracies in the set-up information. These services greatly reduce that risk for businesses by checking payee details are correct and making fraud easier to detect.”
