Bottomline launches Confirmation of Payee to stop payment fraud and error

Rhea-AI Summary

Bottomline (NASDAQ: EPAY) announced the launch of its cloud-based Confirmation of Payee (CoP) service aimed at UK banks. The service, mandated by the UK's Payment Systems Regulator, assists banks and building societies in mitigating the risks associated with payment misdirections and fraud. The technology checks account names in real time for new beneficiaries, enhancing payment security. With a reported £456m lost to Authorised Push Payment fraud last year, Bottomline aims to provide a competitive edge for banks while safeguarding consumer transactions.

Positive

• Launch of Confirmation of Payee service enhances payment security for banks and customers.
• Real-time account name verification can significantly reduce fraudulent misdirections.
• Addresses urgent market need due to £456m losses attributed to APP fraud last year.
• Opportunity for market expansion by offering this service to eligible banks and building societies.

Negative

• None.

UK banks can now enrol Pay.UK’s Confirmation of Payee service

LONDON, Sept. 03, 2020 (GLOBE NEWSWIRE) -- Bottomline (NASDAQ:EPAY), a leading provider of financial technology that makes business payments simple, smart and secure, today announced the latest cloud-based Confirmation of Payee (CoP) service for UK based banks.

The new overlay service became mandated by the UK’s Payment Systems Regulator in 2020 for the six largest banking groups in the UK. Any other eligible bank or building society that may be considering CoP, because of the risks associated with payment mis-directions or Authorised Push Payment (APP) fraud, can apply to Pay.UK, which owns the CoP service.

Confirmation of Payee can help eligible banks and building societies give payers greater assurance that they are sending their payments to the intended recipients, and help avoid payments being accidentally or fraudulently misdirected. For any new beneficiary, the technology performs a real-time account name check against the payee account. As an overlay service, CoP can support payments made by Faster Payment, CHAPS and Bacs-originated credits. 

“Authorised Push Payment fraud is the fastest category of fraud in our industry with £456m losses last year,” said Ed Adshead-Grant, General Manager and Director of Payments at Bottomline Technologies. “With this new SaaS-based service, we can have any eligible bank or building society quickly up and running with CoP on their accounts to ensure they remain competitive in the role of trusted guardian as well as reducing the risk of fraudulent APP activity.”

Brian Cunnington, CoP Product SME at Pay.UK commented: “We are delighted to see Confirmation of Payee now making a difference in the UK payments environment. The new service offers protection for consumers through the account name checking service, reducing errors and fraudulent misdirection of funds.”

About Bottomline:
Bottomline (NASDAQ: EPAY) makes complex business payments simple, smart, and secure. Corporations and banks rely on Bottomline for domestic and international payments, efficient cash management, automated workflows for payment processing and bill review, and state of the art fraud detection, behavioral analytics and regulatory compliance solutions. Thousands of corporations around the world benefit from Bottomline solutions. Headquartered in Portsmouth, NH, Bottomline delights customers through offices across the U.S., Europe, and Asia-Pacific. For more information visit www.bottomline.com.

Media Contact:
Jacqueline Powell
Head of Communications
Bottomline Technologies
pr@bottomline.com

FAQ

What is Bottomline's new service for UK banks?

Bottomline launched a cloud-based Confirmation of Payee (CoP) service to enhance payment security for UK banks.

How does the Confirmation of Payee service work?

The service performs real-time account name checks for new beneficiaries to ensure payments are directed correctly.

What was the financial loss due to APP fraud in the UK last year?

The UK experienced £456m in losses from Authorised Push Payment fraud last year.

When was the Confirmation of Payee service mandated in the UK?

The CoP service was mandated by the UK’s Payment Systems Regulator in 2020.

Where can banks apply for the Confirmation of Payee service?

Eligible banks and building societies can apply directly to Pay.UK for the Confirmation of Payee service.