Confirmation of Payee Service.
Prevent authorised push payment scams.
Onboarding to Confirmation of Payee Phase 2 is simpler and easier.
Exela's Confirmation of Payee service (CoP) is one of the first live services for UK account to account payments that aims to reduce frauds and misdirected payments. Exela is already successfully delivering CoP services, conforming to the Pay.UK Phase 1 requirements.
Confirmation of Payee Service. Prevent authorised push payment scams.
Onboarding to Confirmation of Payee Phase 2 is simpler and easier.
Exela's Confirmation of Payee service (CoP) is one of the first live services for UK account to account payments that aims to reduce frauds and misdirected payments. Exela is already successfully delivering CoP services, conforming to the Pay.UK Phase 1 requirements.
Features of Exela Confirmation of Payee Service
- Quick response time ~100ms
- End-to-end audit and reporting
- Manages complex account names
- Decades of tuning for accuracy
- Industry Leading API
Quick response and matches for payee checking service
Exela confirmation of payee service uses AI and advanced matching algorithms to tackle problems relating to issues for name matching, such as missing components, spelling differences, truncated names and so on.
The solution offers high efficiency with a turnaround of ~ 100ms, enabling highly accurate matching results, a better user experience and cost savings.
Quick response and matches for payee checking service
Exela confirmation of payee service uses AI and advanced matching algorithms to tackle problems relating to issues for name matching, such as missing components, spelling differences, truncated names and so on.
The solution offers high efficiency with a turnaround of ~ 100ms, enabling highly accurate matching results, a better user experience and cost savings.
Enhanced security with Payee verification
CoP acts as an additional layer of payment protection, and warns on sending payments to any non-verified payee account. Payee verification reduces the risk of payments to the wrong account holder, reduces financial liabilities, APP fraud losses and more.
Recent data from PSR provides additional confirmation about CoP's security. It suggests that between Q3 and Q4 in 2020, PSPs that have implemented CoP saw a reduction in the value and volume of scams received, while PSPs not offering the service saw an increase.
Enhanced security with Payee verification
CoP acts as an additional layer of payment protection, and warns on sending payments to any non-verified payee account. Payee verification reduces the risk of payments to the wrong account holder, reduces financial liabilities, APP fraud losses and more.
Recent data from PSR provides additional confirmation about CoP's security. It suggests that between Q3 and Q4 in 2020, PSPs that have implemented CoP saw a reduction in the value and volume of scams received, while PSPs not offering the service saw an increase.
Integrated reporting for all payee verification
The system stores requests and responses on payee verifications, providing a complete audit trail and keeping the process transparent. Not only for the requests but it also stores complete detailing on how the results were attainted. This enables you to get a clear overview of the requests.
Integrated reporting for all payee verification
The system stores requests and responses on payee verifications, providing a complete audit trail and keeping the process transparent. Not only for the requests but it also stores complete detailing on how the results were attainted. This enables you to get a clear overview of the requests.
System resilience
Managing and securing such critical information is of utmost importance. Our cloud-based hosting of mission-critical payment services for multiple UK banks ensures that the Exela Confirmation of Payee service is always on, fast and reliable. To guarantee no data is lost, the data is backed up to strategically placed servers.
System resilience
Managing and securing such critical information is of utmost importance. Our cloud-based hosting of mission-critical payment services for multiple UK banks ensures that the Exela Confirmation of Payee service is always on, fast and reliable. To guarantee no data is lost, the data is backed up to strategically placed servers.
ABOUT EXELA
Exela Technologies, Inc. (Exela) is a global business process automation (BPA) leader, combining enterprise software and solutions with decades of experience. Our BPA solutions are deployed through a secure, cloud-enabled delivery model to support mission-critical operations in banking, healthcare, insurance, high tech, manufacturing, telecommunications, and other industries. Exela partners with customers to increase efficiency, drive productivity, and improve user experience. We work with over 4,000 customers in more than 50 countries, including more than 60% of the Fortune® 100.
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