NatWest Group has chosen Bottomline’s Confirmation of Payee (CoP) solution in a bid to reduce payment fraud, which is on the rise in the UK.
The banking group had adopted the solution offered by Bottomline to service its agency institutions as they tackle rising cases of authorised push payment fraud (APP).
James Hodgson, chief product officer for 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.”
CoP was introduced by UK Finance and works by allowing customers of participating banks, building societies and credit unions to verify that the account holder’s name matches the owner of the bank account number, ahead of a payment being processed.
Paul Fannon, managing director of Global Business Solutions at Bottomline, added that through the partnership, Bottomline is working with NatWest customers to accelerate 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,” Fannon said.
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