SurePay has announced that the SurePay solutions will be available via the cloud-based Temenos Exchange partner ecosystem.

With impending regulatory changes from the UK Payment Systems Regulator and EU legislation on Instant Payments, data and security, it is vital that financial institutions have Verification of Payee (EU) and Confirmation of Payee (UK) solutions in place. 

The integration with Temenos and availability on Temenos Exchange allows banks to easily deploy SurePay solutions on top of their Temenos core banking system. Banks can now access Verification of Payee (EU), Confirmation of Payee (UK) and SWIFT Beneficiary Account Validation (BAV) via Temenos Exchange using the SurePay API. 

SurePay has up to an 81% reduction in impersonation fraud

The SurePay solution is designed to reduce impersonation fraud, authorised push payment (APP) scams and misdirected payments. It increases certainty that payments are sent to and received by the intended account holder. The solution provides a secure and efficient payment experience for customers, whilst ensuring regulatory compliance for institutions.

Feedback from SurePay customers indicate that the SurePay platform has resulted in up to an 81% reduction in impersonation fraud and a 67% reduction in misdirected payments, resulting in improved business efficiencies. 

Martin Bailey, Director of Innovation and Ecosystems, Temenos, said: “Temenos Exchange acts as an accelerator for fintechs and software developers, helping them develop, validate and monetise new banking solutions. The integration with Temenos and joining Temenos Exchange means SurePay can write once and be readily available to the thousands of banks globally that run on our platform. and that is of tremendous value for our customers with the upcoming legislations.”

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David Jan Janse, CEO, SurePay, said: “We are on a mission to protect both our clients and their customers against the growing threat of fraud worldwide, both domestically and cross-border”. 

“We have a proven solution. With 100+ banks, in several countries and with multiple schemes, we are the only real /Bank Account Verification specialist in the world. We are thrilled to be able to work with the Temenos community.”