The NatWest Group has adopted Bottomline’s Confirmation of Payee (CoP) solution to service their agency institutions in the fight against authorized push payment fraud (APP) all across the UK, according to Bottomline, a global leader of financial technology, which tends to make business payments simple, sophisticated, and stable.
James Hodgson, Chief Product Officer Take Payments at NatWest Group, stated, “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.“
Confirmation of Payee was adopted by UK Finance in an effort to reduce APP fraud. This novel fraud management system allows consumers of participating banks, brokerage firms, and credit unions to double-check, ahead of making the payment, that the cardholder’s name resembles the holder of the bank account details.
Paul Fannon, Managing Director of Global Business Solutions, Bottomline, commented, “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.“
