Currencycloud selects Form3 for Confirmation of Payee in the UK

By Gloria Methri

Currencycloud has partnered with Form3 for its account verification technology, which supports Confirmation of Payee (CoP) activity, designed to reduce fraud in the UK.

The Confirmation of Payee Requester Service enables Currencycloud’s customers to verify account holder and payee details to provide fast and secure account verification.

In practice, Form3’s technology connects with Currencycloud’s customers via a simple API to enable routing capabilities to drive its Payee Requester Services activity, reducing payment misdirection and increasing fraud detection.

The announcement follows Form3’s commercial partnership with Visa, announced in September 2023. Visa invested in Form3 to combine the companies’ capabilities to reduce fraud in real-time account-to-account payments.

The Payment Systems Regulator launched the CoP rules to reduce certain types of accidentally misdirected payments and authorised push payment (APP) fraud in bank transfers. This is done by checking that the name on the recipient’s account matches the details a payer has given to their bank.

Mike Walters, Form3’s CEO, said: “Today’s partnership with Currencycloud demonstrates the value-added services that we can offer customers for fraud protection, in addition to our core payment processing. Fraud will continue to be a big challenge in payments, so we have responded by developing cutting-edge technologies to minimise fraudulent activity. This is our first engagement with Currencycloud, and we look forward to working with them moving forward.”

Commenting on the partnership, Mark Ledsham, COO at Currencycloud, added: “Utilising Form3’s best-in-class technology provides Currencycloud and our clients access to a robust and resilient fraud prevention solution. Our partnership with Form3 adds further value to our offering and allows us to be more competitive in the payments market.”

Form 3’s Confirmation of Payee Requester Service will be rolled out to Currencycloud clients from the end of May.