Digital identify firm Signicat and SurePay have partnered to decrease misdirected payments and enhance customer and supplier processes in the Netherlands.
As part of the alliance, SurePay bank account verification service will be combined with Signicat’s Digital Identity Platform.
Financial institutions and businesses can leverage the integrated solution to cross-check the payee’s digital identity with account details.
In case of a mismatch, the payee will be alerted of discrepancies in real-time. This is expected to avoid misdirected payments, while decreasing bank and identity fraud.
SurePay Account Check service validates a name associated with an International Bank Account Number (IBAN) against the company’s database.
The verification is done at the pre-payment stage. The beneficiary’s details are classified as match, close match and no match for private accounts.
Prior to the payment, an alert with instant feedback of the beneficiary is provided in order to notify the payee of any discrepancies in the details.
Businesses or merchants that are processing payments will get a notification for further customer or supplier due diligence.
SurePay Account Check also notifies customers of multiple accountholders or a close account.
SurePay co-founder Marcel Rienties said: “By verifying account holders at the point of payment, bank and identity fraud diminishes by 72% in online banking. Not to mention a 90% decrease in of failure in the onboarding process of new customers.
“By integrating the check in at the payee on-boarding stage both customers and suppliers have found it to prevent dropouts for second line investigation.”
Previously, merchants could only verify the name and address of their customers. The integrated solution now enables verification of identity, accountholder(s) and account number.