OneID partners confirmation of payee services provider Surepay

OneID & SurePay's alliance aims to fortify businesses with an enhanced layer of protection, bolstering their ability to combat the increasing threat of online fraud.

UK Finance reported over 116k incidents of Authorised Push Payment Fraud in the first half of 2023. This is a 22% increase compared to a similar period in 2022. The amount lost was £239.3 million. The need to protect businesses and individuals from malicious actors has never been felt more.

It is against this backdrop that OneID®, UK’s leading document-free digital identity verification service, today announced its partnership with SurePay, a leading provider of Confirmation of Payee services. This strategic alliance aims to fortify businesses with an enhanced layer of protection, bolstering their ability to combat the escalating threat of online fraud.

SurePay’s comprehensive range of services, including Confirmation of Payee, Confirmation of Payer, EU Verification of Payee, IBAN-Name Check for Organisations, IBAN-Name Check for Banks, Switch Check, and SurePay PayID, introduces a heightened level of certainty for individuals and businesses in verifying payee details. By combining these offerings with OneID®’s digital identity services that enable Digital ID checks, fraud checks and confirmation of bank account ownership, provides the most comprehensive defence for any business against payment fraud.

Keith Mabbitt, Chief Customer Officer, OneID®, said, “SurePay has an impressive clientele of over 100 banks and 300 corporates spanning diverse sectors such as automotive, technology, and food and beverage. The combination of OneID’s bank-verified digital ID – accessible to ~50 million UK adults – will deliver added protection when onboarding their customers. In effect, this partnership will enable enterprises using payment services to quickly and easily verify the identity and bank account details of virtually every UK adult.”

Speaking about the announcement, David-Jan Janse, Chief Executive Officer, SurePay said, "In our experience, Digital Identity and Confirmation of Payee are a valuable combination. For both efficient onboarding, as well as preventing fraud and money laundering. We are therefore very much looking forward to working with OneID, the leading innovator in digital ID."

As the landscape of online threats continues to evolve, the combination of OneID® and SurePay’s services enables businesses to meet regulatory requirements and restores the trustworthiness of digital infrastructure. This is one more step towards simplifying and securing the digital journeys of businesses and individuals.

By on Wed, 28 Feb 2024 15:29:00 GMT
Original link