Signicat and SurePay partner on payment ID solution
Digital identity company Signicat and payment information service SurePay, have partnered to integrate SurePay’s bank account verification service with Signicat’s Digital Identity Platform. The partnership is designed to enable businesses and financial institutions in the Netherlands to cross-check a payee’s digital identity with their bank account details. If they do not match, the business or person paying can be warned of discrepancies in real-time to avert misdirected payments as well as reduce bank and identity fraud.
Account Check, developed in an innovation programme at Rabobank, verifies a name belonging to an International Bank Account Number (IBAN) against the SurePay database, at the pre-payment stage. Before end users send a payment, a notification with instant feedback of the beneficiary flashes up, alerting the sender to instances where the details of the beneficiary deviate from those known at the registered bank. If there is a deviation, then this is an indicator for businesses or merchants processing payments that further customer or supplier due diligence is needed.
With Account Check, Signicat and SurePay’s customers will now receive a confirmation of payee service, which categorises the beneficiary’s details into match, close match and no match for private accounts at the pre-payment stage. In case of minor spelling mistakes for private accounts, the solution finds the closest match and suggests the known registered account holder, speeding up the digital verification process for creditors and debtors. For business accounts, the right name of the account holder is found. Additionally, the check notifies customers if there are multiple account holders involved or if the account is closed.