Rabobank has spun-off its corporate start-up SurePay, which developed IBAN-Name Check, a Dutch Confirmation of Payee solution.
The move makes SurePay a private limited company and an independent member of Rabobank Group.
SurePay co-founder and CEO David-Jan Janse said: “By becoming a private limited company, SurePay will continue to grow as an independent service provider for financial institutions, (semi-)government, and other business and organisations in both the Netherlands and Europe.”
The IBAN-Name Check verifies the entered beneficiary name with the registered account holder, during a transaction. If the two names do not match, it alerts the user.
The process helps in preventing misdirected payments as well as detects fraudulent transactions.
According to the company, the SurePay solution is now used to check more than 90% of all online payments in the Netherlands. Last year, IBAN-Name Check verified more than 1 billion online payments.
Currently, SurePay counts more than 40 companies as its corporate customers.
The solution is scheduled to launch in the UK next month.
SurePay CCO Dorine van Basten said: “Due to our existing record of success in the Netherlands, we were approached by several financial institutions in the United Kingdom. As of March 2020, Confirmation of Payee will be in effect in the UK.
“This is a legal obligation to give end-users of payment systems greater assurance that they are sending money to the intended recipient.
“We have high hopes of our growth potential in the United Kingdom. As a vendor we are currently working closely with several financial institutions to implement Confirmation of Payee.”