Financial technology provider Bottomline Technologies has introduced Pay.UK’s Payer Name Verification service to prevent fraud for payers.
The new service is delivered through Bottomline Payments Services, to provide businesses with the guarantee that payments are being collected from the named account holder when processing direct debits.
Payer Name Verification service is an extension of Pay.UK’s Confirmation of Payee (CoP) name-checking service for UK-based payments, which was introduced in 2020.
According to Bottomline Technologies, the CoP service has been successfully deployed by more than 80 UK banks, building societies and other payment service providers (PSPs).
The new service will ensure that the bank account details provided belong to the named business or individual.
It is expected to provide companies with greater confidence that the direct debit is being set up by the actual account holder and will lower the risk of an indemnity claim.
Bottomline Technologies fraud and financial crime vice president Omri Kletter said: “Payer Name Verification extends Bottomline’s longstanding, culturally solid commitment to helping businesses fight threats on all fronts to a critical piece of the crime equation for Direct Debits.
Payer Name Verification is easily accessible for customers who wish to optimise account verification within their collections processes.
The new fraud prevention will enable companies collecting the direct debits to protect against the risk of chargebacks.
Besides, Payer Name Verification will reduce the costs associated with manually verifying account holders to guarantee compliance with the direct debit scheme rules.
Bottomline Technologies, which is a portfolio company of Thoma Bravo, offers financial technology to make business payments simple, smart and secure.
