Modulr becomes the first non-bank/building society to launch Confirmation of Payee.
News on 2nd September 2020
- Modulr is the first non-bank or building society to join the Confirmation of Payee service.
- Confirmation of Payee allows users to check if the payment details they’ve entered for a person or business match the details held by the recipient’s bank.
- This provides reassurance that payments are being sent to the right recipient and protects Modulr customers from certain types of payment fraud.
Modulr Club: Digital – Confirmation of Payee Explained
Join us on online at 9.30 on 15th September for a demo of our new Confirmation of Payee product followed by a live Q&A session with our payments experts. Register now.
Myles Stephenson, Chief Executive and founder of Modulr, says: “We’re committed to delivering the very latest innovation in payments to our customers, and I’m delighted that we are the first non-bank or building society to offer Confirmation of Payee. Thousands of consumers and businesses fall victim to social engineering scams every year in the UK. Modulr is always looking for ways to help our customers keep their money safe.
“We’re pleased to announce the launch of Confirmation of Payee offers greater assurance to businesses and consumers when making payments. This is a crucial step forward in the ongoing battle against fraud and it’s going to help us build a safer payments ecosystem in the UK.”
Brian Cunnington, SME for the CoP project team, Pay.UK says: “We are delighted to see Confirmation of Payee now making a difference in the UK payments environment. The new service offers protection for consumers through the account name checking service, reducing errors and fraudulent misdirection of funds.”