Norway Signicat Surepay Tender

The partnership will cross-check users identities against bank account details to reduce misdirected payments and improve customer processes and supplier processes.Signicat the Trusted Digital Identity company and SurePay a payment information service have partnered to integrate SurePays bank account verification service with Signicats Digital Identity Platform. This pioneering partnership enables financial institutions and businesses in the Netherlands to cross-check the payees digital identity with their bank account details. If they do not match the person or business paying can be warned of discrepancies in real-time to avert misdirected payments as well as reduce bank and identity fraud.A FinTech of Rabobank SurePays Account Check service verifies a name belonging to an International Bank Account Number IBAN against the SurePay database at the pre-payment stage. Before end-users send a payment a notification with instant feedback of the beneficiary flashes up alerting the sender to instances where the details of the beneficiary deviate from those known at the registered bank. If there is a deviation then this is an indicator for businesses or merchants processing payments that further customer or supplier due diligence is needed.For instance for businesses or payment service providers PSP there is a need to verify both the identity and account to ensure there are no fraudulent transactions or purchases made through them. Alternatively when businesses or merchants are procuring goods or paying out salaries a double verification with a verified account enforces greater transparency that the payments is directed to the intended end-user.With Account Check Signicat and SurePays customers will now receive a confirmation of payee service which categorises the beneficiarys details into match close match and no match for private accounts at the pre-payment stage. In case of minor spelling mistakes for private accounts SurePayfinds the closest match and suggests the known registered account holder speeding up the digital verification process for creditors and debtors. For business accounts the right name of the account holder is found. Additionally the check notifies customers if there are multiple accountholders involved or if the account is closed. The Account Check is therefore efficient in delivering payments for businesses and benefits end-users in reducing misdirected payments and subsequent-related financial penalties.Before the partnership customers were only able to verify the name and address of their customers. With the partnership and Signicats integration of iDIN the Dutch electronic identification eID customers will be able to verify both the users identity but the cooperation allows for verification of accountholders and account number. By verifying account holders at the point of payment bank and identity fraud diminishes by 72 in online banking. Not to mention a 90 decrease in of failure in the onboarding process of new customers. By integrating the check in at the payee on-boarding stage both customers and suppliers have found it to prevent dropouts for second line investigation said Marcel Rienties Co-Founder of SurePay.This recent offering adds to Signicats Digital Identity Platform the most comprehensive suite of verified digital identity services globally.Building trust between businesses and customers online is critical in the digital age said Gunnar Nordseth CEO of Signicat. Working with innovative solutions providers such as SurePay helps us provide businesses and end-users with pioneering and user-friendly solutions whilst reducing payment risks and fraud. SurePay makes it easier for companies to connect when multiple checks are involved. Were proud to partner with Signicat the leading Digital Identity Service Provider said David-Jan Janse Co-Founder at SurePay.