NatWest Group partners with Bottomline to reduce payment fraud
Bottomline (NASDAQ: EPAY) announces that NatWest Group has adopted its Confirmation of Payee (CoP) solution to combat Authorised Push Payment fraud in the UK. This partnership aims to enhance protection against fraud as incidents rise in the financial sector, particularly following the recent increase in FPS transaction limits from £250,000 to £1 million. The CoP service allows customers to verify account holder names before payments, promoting safer transactions and restoring trust in the payment industry.
- Partnership with NatWest enhances fraud prevention capabilities.
- Introduction of Confirmation of Payee addresses significant fraud risk.
- Increasing transaction limits signal growth potential in payment services.
- Rising APP fraud incidents indicate ongoing security challenges.
Stemming the rise of Authorised Push Payment fraud in the UK
LONDON, April 05, 2022 (GLOBE NEWSWIRE) -- Bottomline (NASDAQ:EPAY), a leading provider of financial technology that makes business payments simple, smart and secure, today announced the NatWest Group has adopted Bottomline’s Confirmation of Payee (CoP) solution to service their Agency Institutions in the fight against authorised push payment fraud (APP) across the UK.
Authorised Push Payment (APP) fraud has grown considerably in the UK financial services sector and is now considered by Pay.UK to be a material risk on the reputation of the Faster Payment Scheme (FPS). This concern comes at a time where the limit for individual FPS transactions has recently risen from
In a bid to drive down APP fraud, UK Finance introduced Confirmation of Payee. This new fraud prevention service allows customers of participating Banks, Building Societies and Credit Unions to double-check, ahead of making a payment, that the account holder’s name matches the owner of the bank account number.
James Hodgson, Chief Product Officer Take Payments at NatWest Group, said: “Our partnership continues to grow with Bottomline Technologies. The introduction of their SaaS solution for Confirmation of Payee increases the speed at which we want our Agency Institution customers to be adopting the latest beneficiary name checking service. It gives our customers a pedigree solution to protect customer funds from the rising incidents of Authorised Push Payment fraud.”
Paul Fannon, Managing Director of Global Business Solutions, Bottomline, said: “We’re delighted to work with NatWest customers in accelerating the use of Confirmation of Payee across the industry and the UK. We know that fraudsters target less well-protected parts of the payments process, so the goal has always been to identify those gaps and promote mass adoption of fraud prevention initiatives to protect customers and maintain trust in our payment industry. The Agency partnership with NatWest Group is a key accelerator.”
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, behavioural 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 Contacts:
John Stevens
Bottomline
pr@bottomline.com
Jacqueline Powell
Bottomline
pr@bottomline.com
FAQ
What is Bottomline's recent announcement regarding EPAY?
How does the Confirmation of Payee solution work?
What impact does the rise of APP fraud have on Bottomline (EPAY)?
When was the Confirmation of Payee solution adopted by NatWest Group?
What are the benefits of the partnership between Bottomline and NatWest?
