SurePay, SEPAMail.eu and StreamMind on Thursday (Dec. 16) launched a cross-border answer for IBAN examine/affirmation of payees, permitting firms and banks to substantiate account info matches the supposed beneficiary on cross-border funds between France and the Netherlands.
The IBAN Check, identified within the U.Okay. as Confirmation of Payee, offers customers, banks and firms extra confidence about their funds being routed to the supposed recipients, the joint announcement says.
“Since implementing our IBAN-Name Check for banks and corporates in the Netherlands in 2017, our customers have witnessed an 81% drop in reported scams and a 67% drop in misdirected payments,” mentioned David-Jan Janse, CEO of SurePay.
“The natural next step was to make our solution available for cross-border payments, and we are very proud of our partnership with SEPAmail and StreamMind, which allows us to achieve that goal,” he mentioned.
SEPAmail.eu presents an account examine answer in France for greater than 90% of financial institution accounts, and SurePay’s IBAN-Name Check answer checks 99.5% of all on-line funds within the Netherlands.
“With this partnership with SurePay and thanks to the help of StreamMind, we enter now in another dimension that is the European area to offer a real international solution to fight against IBAN fraud,” mentioned Jacques Vanhautère, CEO of SEPAmail.eu.
“This connection between France and the Netherlands is a first great step to a cross Europe IBAN reliability solution for both French and Netherlands communities,” he mentioned.
StreamMind arrange the cross-country SEPAmail infrastructure, which is able to enable French and Dutch firms and banks to examine that funds are going to the supposed beneficiary earlier than the transaction is initiated.
The IBAN verifications come by way of the account database of banks, which is meant to cut back fraud and misdirected funds whereas additionally growing effectivity and decreasing operational prices.
The partnership will join greater than 30 Dutch banks and 114 French banks.
“Our goal is to secure exchanges and transactions between organizations and humans,” mentioned Nicolas Muhadri, CEO of StreamMind, within the joint announcement. “We believe this partnership is a step forward in international development to fight payment fraud. We know this is only the beginning.”
Related: The European Payments Initiative: Laying the Infrastructure for Europe’s Super Payments App
Meanwhile, throughout Europe’s 44 nations, dozens of languages and myriad methods to pay, the difficult cross-border, cross-functional infrastructure might ultimately give rise to a “super app.”
Martina Weimert, CEO of the EPI Interim Company, informed PYMNTS CEO Karen Webster in September that digital wallets, on the spot funds and purchase now, pay later (BNPL) choices would co-exist in a unified style throughout borders.
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