Exela Technologies has debuted its Confirmation of Payee (CoP) solution. Exela CoP helps detect fraud, verify and secure payment processing and the confidentiality of payment details, which are subject to human error, machine error, and fraud.
Exela CoP was created in response to customer feedback stemming from the rise of real-time payments in the US and Europe. The solution brings value-add functionality to Exela’s Banking and Financial Services Suite (BFSS). By integrating CoP, Exela’s banking partners are helping their end-customers reduce exposure to phishing, impersonation or CEO fraud. Now, instead of requiring a banking associate to research, refund, and redirect a payment accidentally sent to the wrong recipient, the BFSS platform could stop an erroneous transaction from occurring before it happens.