Denmark's Finance branch selects SurePay to launch nationwide Voice-Over-Internet Protocol (VoIP) service
In a move to bolster payment security and combat fraud, Finance Denmark, the Danish financial industry association, has chosen SurePay to provide a national Verification of Payee (VoP) service. This partnership empowers Danish banks to proactively fight fraud and comply with the upcoming EU regulation.
Michael Busk-Jepsen, executive director at Finance Denmark, has highlighted SurePay's deep expertise and insight into applying VoP across various payment scenarios, including individuals and small and large businesses. The partnership will enable Danish banks to access VoP, CoP, and SWIFT Beneficiary Account Validation via Temenos Exchange.
David-Jan Janse, chief executive officer of SurePay, has expressed his support for Finance Denmark and its members in implementing a best-in-class VoP solution. The company joined the cloud-based Temenos Exchange partner ecosystem in April last year, further strengthening this partnership.
SurePay's VoP service checks if the recipient's name matches the provided IBAN, helping to prevent impersonation fraud and misdirected payments. This service will become mandatory across Europe under the Instant Payments Regulation, effective October this year.
The partnership also allows Danish banks to connect to a broader network of over 200 financial institutions already using SurePay's VoP solution across Europe. This carefully phased geographic expansion, starting within Europe (a Eurozone country) and then moving to non-Euro countries like Mexico, aligns with SurePay’s objective to offer enhanced payment security and mitigate fraud risks by verifying payee details before payment execution.
SurePay has performed over nine billion VoP checks since its founding in 2016, demonstrating its commitment to providing reliable and efficient payment verification services. The company actively grows its client base within Europe, as evidenced by new client additions and investment in brand visibility at its Utrecht headquarters, facilitating adoption of VoP services across multiple financial institutions.
This strategic move by Finance Denmark and SurePay is expected to significantly enhance payment security in Denmark, contributing to a safer and more secure digital economy.
- This partnership between Finance Denmark and SurePay, as a result of SurePay's deep expertise, will enable Danish banks to access Verification of Payee (VoP), CoP, and SWIFT Beneficiary Account Validation.
- The VoP service provided by SurePay, which checks if the recipient's name matches the provided IBAN, will become mandatory in Europe under the Instant Payments Regulation, effective October this year.
- The partnership also allows Danish banks to connect to a broader network of over 200 financial institutions already using SurePay's VoP solution across Europe.
- This strategic move by Finance Denmark and SurePay, aimed at bolstering payment security, is expected to significantly enhance payment security in Denmark, contributing to a safer and more secure digital economy.
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