SurePay Experiences Tremendous Growth Over the Past 12 Months
SurePay, the leading Confirmation of Payee (CoP) provider, continues on its growth trajectory following the introduction of new solutions for banks, such as the Switch Check and SurePay PayID.
There are now over 25 banks and more than 150 organisations using SurePay’s Confirmation of Payee solution. In 2020, its CoP solution for organisations grew by 1719%.
SurePay has also entered the UK market to help British customers pay the right person and the correct account. SurePay CoP fully operates in line with the UK requirements and specifications for Confirmation of Payee and offers various solutions for PSPs seeking to implement Confirmation of Payee.
More than ten banks in the UK will soon be using SurePay’s CoP solution, joining existing customers NatWest Group and Atom Bank. Since launching in the UK, the company has performed over 120 million CoP checks and is already checking more than 25% of all online payments in the country.
Since launching in 2016, SurePay has performed over 3,500,000,000 checks, resulting in 175 million not matching warnings (5%) and 500 million name suggestions to be checked if this is the genuine beneficiary (14%). Ultimately, this has led to an 81% fraud reduction in payments and a 67% drop in misdirected payments.
For corporate customers, the company performed over 30,000,000 checks which resulted in a more effective onboarding process, with 90% fewer dropouts during onboarding, 80% fewer fraudulent onboardings, and 50% fewer irrecoverable invoices.
The company is now planning to expand into Europe to make international payments safer by providing cross-border CoP checks. Countries that have access to SurePay’s CoP and can be connected with SurePay’s Cross Border CoP router, which will also be available to financial institutions and corporates.
Now SurePay boasts a diverse and dynamic team of 21 nationalities, totalling 72 people – a 33% increase since January 2020, with further key appointments due to being announced in the coming quarter.
David-Jan Janse, CEO of SurePay, said: “We are incredibly proud to have performed over 3.5 billion checks since we launched in 2016. This is a real milestone for us and a testament to our efforts to prevent fraudulent and misdirected payments. At SurePay, our aim is to protect our clients and their customers against the growing threat of fraud, giving them the reassurance that their payments are going to the intended recipient. We are proud of the best in class protection we offer and the positive difference our service is making to all of our clients.”