Belgium selects SurePay for Payee Authentication Services
Belgium's banking sector has taken a significant stride forward with its partnership with SurePay, a leading provider of Verification of Payee (VoP) services. This collaboration marks the first time a Eurozone country has implemented VoP through a third-party provider, signalling a pioneering step towards wider adoption of anti-fraud technology in European banking.
The partnership offers a host of benefits, including enhanced fraud prevention by enabling payers to verify the name and unique identifier of the intended payee before executing a payment. This reduces mistaken or fraudulent transactions, aligning with broader regulatory efforts to combat payment fraud.
The partnership is a result of a rigorous open tender process, conducted in collaboration with the Federation of the Belgian Financial Sector. The Centre for Exchange and Clearing has chosen SurePay to provide Confirmation of Payee technology to domestic banks in Belgium.
The selection of SurePay was significantly influenced by its seamless integration with Swift PreValidation. The company, which originated as a spin-off from Rabobank in 2022, has been at the forefront of the industry since 2016.
Existing multinational clients of SurePay can extend their VoP capabilities with this partnership, while Belgian banks gain access to a network of over 100 banks through this collaboration.
The decision to partner with SurePay is significant for the Belgian banking sector, as it promises improved security and trust in payment transactions, compliance with evolving regulatory standards, and operational efficiency gains. The partnership also opens up potential expansion across the Eurozone, as other countries or banks may be encouraged to implement similar services using SurePay or equivalent providers.
Janse, the CEO of SurePay, expressed gratitude for being chosen by Belgian banks to deploy VoP services. He reiterated SurePay's commitment to security and efficiency, both domestically and internationally, as the company conducts over 1.5 billion checks annually.
This partnership ushers in a new era of enhanced security and efficiency in Belgian financial transactions, and it exemplifies a concrete step towards reinforcing payment security in Belgium and potentially influencing payment fraud reduction strategies at a European level.
[1] Source: Federation of the Belgian Financial Sector [2] Source: Centre for Exchange and Clearing [3] Source: Swift [4] Source: Rabobank [5] Source: European Central Bank
- The collaboration between Belgium's banking sector and SurePay, a global leader in Verification of Payee (VoP) services, signifies a crucial step towards bolstering the security of financial transactions in the Eurozone.
- Enabled by this partnership, payers will now have the ability to verify the name and unique identifier of the intended payee before executing a payment, thereby reducing the likelihood of mistaken or fraudulent transactions.
- The integration of SurePay's Confirmation of Payee technology with Swift PreValidation was a key factor in the Centre for Exchange and Clearing's decision to select SurePay, a Dutch sp spin-off that has been leading the industry since 2016.
- With this partnership, Belgian banks gain access to a network of over 100 banks, allowing for potential expansion across the Eurozone, as other countries or banks may be encouraged to adopt similar anti-fraud technologies.
