Bottomline Scales Its Confirmation of Payee Service for UK Banks

Share this post

LHV and The Access Bank UK Ltd enlist as first adopters for fraud prevention services

LONDON, UK (12 April, 2021) – Bottomline (NASDAQ:Payments AssociationY), a leading provider of financial technology that makes business payments simple, smart and secure, today announced that LHV and The Access Bank UK Ltd have signed up to the business’ cloud-based Confirmation of Payee (CoP) service to help combat APP fraud.

Introduced in July 2020, Confirmation of Payee is a fraud prevention system led by Pay.UK and operated with Open Banking, which confirms the recipient’s name matches the details held by the bank. This process is designed to address both payment errors and rising incidents of Authorised Push Payment (APP) fraud, where a consumer or business gets tricked into approving a payment to a fraudster’s account.

As early adopters of CoP, LHV and The Access Bank UK Ltd will now have access to Bottomline’s full CoP service for inbound and outbound payments. The new measure provides the banks’ customers with an extra layer of defence against APP fraud and greater assurance that their payments are going to the right recipient. The service uses Bottomline’s API to validate the beneficiary’s name and account details against the information held on file whether sending or receiving payments, protecting the banks’ reputation as the trusted custodian of customer funds.

Marten Vill, Open Banking and API Product Manager at LHV, commented: “Using the latest SaaS technology to protect our customers’ money is an important differentiator for us. We wanted to make sure we joined Phase 1 of CoP to immediately eliminate the rising losses in APP fraud in the industry, which rose to £479 million in 2020. CoP will also be a valuable building block in our constantly improving set of API services that we offer to our FinTech customers.”

Bob Attwood, Head of IT and Operations at The Access Bank UK Ltd, said: “As a relationship bank, we want to make sure our customers are fully protected against the growing instances of APP fraud, whilst making it as simple as possible for our customers to send funds to us. Bottomline provides this out of the box with their CoP solution.”

Ed Adshead-Grant, General Manager, Payments at Bottomline, added: “The latest figures reported by UK Finance show that APP fraud remains stubbornly high, with a 22% increase in cases. Beyond the risk of financial losses, CoP will help banks improve their customer journey and support ongoing trust in their brand. With 95% of UK banks still introducing CoP, we believe more needs doing to encourage universal adoption to lock out the organised criminal activity and ensure deposits flow efficiently and correctly.”

More To Explore

Membership

Merchant Community Membership

Are you a member of The Payments Association?

Member benefits include free tickets, discounts to more tickets, elevated brand visibility and more. Sign in to book tickets and find out more.

Welcome

Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.

Having trouble signing?

We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.

First things first

Have you set up your Member account yet? If not, click here to do so.

Still not receiving your auto-login link?

Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.

Please click the button below which relates to the issue you’re having.

I didn't receive an e-mail

Tip: Check your spam

Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association

Tip: Check “other” tabs

Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.

Tip: Click the link within 60 minutes

For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.

Tip: Only click once

The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.

Tip: Delete old login e-mails

Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.

Tip: Check your security policies

Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.

Need to change your e-mail address?

For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.

Still got a question?