SurePay, SEPAmail.eu and StreamMind collaborate to fight cross-border fraud

With the rapid digitisation of payments post-pandemic and the rise of usage of cross-border payment services, the threat of fraud has risen and this could be deleterious to the small and medium companies running on low cash.

Three European payments companies, SurePay, SEPAMail.eu and StreamMind have announced plans to offer cross-border IBAN-Name Check. Under this service, banks, consumers and businesses would be in a position to check the account holder via the existing IBAN-Name Check before the payments between France and the Netherlands.

The press note emphasises that this is an ‘important first step towards a European solution to combat fraud’. With this tri-partnership, more than 30 Dutch banks and 114 French banks will be connected.

Last year, ACI Worldwide launched a platform to tackle real-time payments fraud while IBM and MonetaGo teamed up to address trade finance fraud.

In sync, Surepay checks with the IBAN-Name Check all online payments in the Netherlands, SEPAmail.eu offers an IBAN verification service in France while StreamMind makes a connection between these two networks.

“Since the implementation of our IBAN-Name Check for banks in the Netherlands in 2017, we have seen an 81% decrease in reported scams and a 67% decrease in misdirected payments, said David-Jan Janse, CEO of SurePay.

As per the press note, since 2017, the IBAN-Name Check has been built into the online banking of the Dutch banks and the account holder is checked before making the payment. This is used by a wide range of participants such as insurance companies, lenders, government agencies, energy companies and many others to prevent fraud between suppliers, vendors and consumers.

“This connection between France and the Netherlands is a first big step towards a Pan-European IBAN Check”, said Vanhautère, CEO of
SEPAmail.eu.

SurePay is a Dutch-based inventor of IBAN-Name Check and provider of Confirmation of Payee in the UK which allows the algorithm to check the transactions and detect frauds.SEPAmail.eu is an interbank service that facilitates the exchange of financial data between companies, banks and consumers while StreamMind is the software provider of inter-banking technology for SEPAmail.eu and its network connects the banks and businesses across Europe.