SurePay teams up with FIS to deliver Verification & CoP solutions

By Gloria Methri

SurePay has joined forces with FIS to enable PSPs in the partner ecosystem to access its Verification and Confirmation of Payee solution and comply with upcoming regulatory changes.

Banks in the UK and EU are facing new regulations, which means they must have a robust and compliant CoP/VoP solution in place. The deadline from the UK Payment Systems Regulator for Payment Service Providers is 31 October 2024. The deadline in Europe for Verification of Payee, based on the Instant Payment regulation, is October 2025. The SurePay solutions, now available via FIS, help UK and EU PSPs comply with these changes.

The FIS—SurePay partnership offers SurePay’s name-matching algorithm, which is designed to reduce impersonation fraud, authorised push payment (APP) scams and misdirected payments. As such, it offers a secure and efficient payment experience for customers and improved business efficiencies and regulatory compliance.

SurePay has facilitated over 7.5 billion CoP/VoP checks across the UK and EU since 2017. This partnership will help PSPs in the FIS ecosystem access SurePay’s CoP and VoP solutions.

David Jan Janse, CEO of SurePay, said, “With regulatory changes around the corner, payment service providers in the UK and the EU must have a CoP/VoP service in place. With 100+ banks in several countries directly connected and connectivity to multiple schemes in Europe and globally, we are the only real VoP/CoP/Bank Account Verification specialist in the world. Partnering with FIS expands our reach and helps firms access our award-winning solutions.”

Daniel Hurst, Head of Products and Services, said, “APP fraud accounts for 40% of the fraud losses in 2022 in the UK, with a total value of approximately 240 million reimbursed by the direct participant. FIS and Surepay’s Partnership solution in the UK and EU can provide the needed confidence to the PSPs and their end customers, data integrity, and avoid APP fraud and misdirected payments”.