How can the CoP check help my company?
The SurePay CoP check can help your company in several ways - our existing customers generally use it to overcome three issues:
- Make sure who your customer is: implement the CoP check at the onboarding of new customers to ensure the process goes as fluently as possible and to decrease the chances of fraud.
- Ensure you have the correct payment details: implement the CoP check in your payment system to ensure that your payment or invoice goes to the right person or company.
- Speed up the process: manual checks on your customer and/or suppliers costs time and resources. Our API solution works instantly and shows in a blink of an eye if the provided name corresponds with the payee name and bank account.
Can you give examples of client cases?
Several of our clients applied the CoP service at their onboarding and client accepting process. They recorded a 90% decrease in drop-outs during onboarding and a 80% decrease in fraudulent onboarding.
Example clients: The Netherlands’ largest insurance companies and Atom Bank in the UK.
Many of our clients make use of the CoP service to reduce the percentage of uncollectible invoices. Our clients saw a decrease of 50% in overall uncollectible invoices as a result of implementing our CoP solution.
Example clients: We performed millions of CoP checks for the Dutch government and HMRC for the Covid-19 payouts.
Which accounts can be checked for CoP?
All Sterling accounts of CoP participating banks can be checked. The check can be applied on both personal and business accounts.
As from March 2020, the CoP service is live in the UK for all major banks. Since then, new banks are joining the CoP scheme every month and thereby increasing the coverage.
On an international level, SurePay is able to provide the service across borders as well. This service is available in countries where SurePay is currently active. For more information please fill in the contact form
Is the CoP check available across borders?
SurePay is able to provide the CoP check across borders. This service is available in all countries where SurePay is currently active. For more information please fill in the contact form
In what ways can my company make use of CoP?
A CoP check can be performed via an API or batch check. When the API is implemented in your company’s system, the CoP check is executed real-time. When providing data via a batch check, you will receive the results within a couple of days.
How fast is a CoP check when using the API?
When using the API to perform CoP, the check is performed within less than 0.1 seconds. This makes it three times faster than a blink of an eye.
How fast can the API be implemented in my company’s system(s)?
At our end, we can have the API up and running within a day. In reality, we see that the implementation time mostly depends on the customer’s ability to implement and test. In this process we can support the client.
What are the costs of using the API?
Costs for using the API service are split into two segments: Implementation and Running Costs. SurePays is more than happy to discuss the costs for your organisation. Please feel free to contact us
My company cannot implement an API. Is there an alternative way to make use of the CoP check?
Yes, it is possible to provide data via a batch file instead. This is a great solution when your company wants to do a one-off check of its customers or suppliers. Please contact us for more information
What are the costs of doing a CoP batch check?
Pricing is based on the number of checks and the frequency of providing files.
How does SurePay protect my data?
Ensuring secure processing and storage of our customer’s data is our highest priority. SurePay has developed the Confirmation of Payee Check in collaboration with a large number of financial institutions in the UK and the Netherlands, with the main principle "Security by Design". All services are built on proven secure architecture and are subject to strict controls before being put into production. SurePay is compliant to ISO 27001 and is periodically audited for its data security processes. Additionally, SurePay performs an annual ISAE 3402 type II audit with regard to an Information Security Management System in accordance with the ISO / IEC 27001: 2013 framework. Successful audits have shown that we meet all points of the standard for information security requirements.
If you have specific questions about how we have organized the data security, please contact us.