Company: SurePay
Founders: David Jan Janse and Marcel Rienties, 2016
Website: https://www.surepaytechnologies.co.uk/
Business: A real-time checking solution for payment scams
About SurePay
SurePay was founded in 2016 and has since become the leading provider of the Confirmation of Payee (CoP) service, an innovative, real-time name-checking solution that gives payers greater assurance that their payments are going to the intended recipient. By confirming a payee’s name matches the name on the intended recipient’s bank account, CoP helps prevent payees from transferring money to the wrong person or business, whether by intent, through payment fraud, or unintentionally, through misdirected payments.
Authorised Push Payment (APP) scams, where a payee is tricked into authorising a payment to an account controlled by a fraudster, cost customers millions every year. According to UK Finance, APP fraud losses were £355.3 million in H1 2021, an increase of 71 per cent over the same period last year – largely due to the Covid-19 induced rise in digital payments. Altogether, this indicates that having real-time feedback for customers on the correctness of the entered beneficiary details had never been more critical.
SurePay truly wants to help its clients and partners stay safe when performing bank transfers and beat the fraudsters; it’s their DNA. SurePay was founded by Rabobank as a corporate start-up to offer services to make online payments more secure. In this capacity, it introduced the IBAN-Name Check, a Dutch Confirmation of Payee solution.
Today, SurePay performs over 300,000 name-checks a day for UK partners and clients, drastically improving the ease of use and security of online payments for both consumers and businesses.
SurePay’s end goal is to become ingrained in the payment journey, connecting its CoP service to the rest of the world so that digital payments are more safe and secure. To achieve this, the company relies on its exceptionally strong algorithm, combining cutting-edge data science techniques with profound knowledge of transactions and payee’s behaviour. Unlike conventional name-checking solutions, SurePay has developed its algorithm from scratch, delivering the highest matching percentages, at 77% and the lowest ‘no match’ warnings, at 5% – ensuring the customer journey is not hindered.
The company understands that complacency will not stop fraud and following a €12.2 million funding round led by Connected Capital with Iris Capital in Q3 2021, the aim is to scale up its technology platform, bring new products to market and expand internationally, to new markets like Germany, Benelux and France, with a mid-term view of bringing a cross border CoP solution to market as well.
In the UK, the expectation is that by the end of 2022, the adoption of CoP will be widespread with its protections offered across the vast majority of UK payment journeys – SurePay wants to help make this happen and leave no stone unturned in the way of fraudsters.
Does Your Business Need Funding? Get Funding – Enquire Today >>>
The TechRound 100 is proudly sponsored by
