Winners Supplement 2021 - Supported by: FinTech Futures
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Winners Supplement 2021 Supported by:
Reports &
Surveys
Sponsorship opportunities are available
for our surveys and well-researched
topic-specific reports.
Welcome to the PayTech Awards 2021 out the video (and it’s
supplement! just 30 min long) – the
Here, we showcase some of the broadcast is free to view
winners of our flagship PayTech Awards on demand here.
– commending the most impactful, We would like to thank
innovative and successful projects, everyone who tuned in,
products and services in the payments and you, our readers, as
technology space in 2020. well as the Awards’
PayTech Awards also put in the judges, sponsors and
spotlight the individuals and teams who partners, and the
have demonstrated skills, leadership, FinTech Futures
vision, inspiration and dedication to the team for their
industry’s betterment. hard work in
The 2021 awards ceremony was putting it all
broadcast digitally and hosted by stand- together.
up comedian Darren Harriott, with We hope to
hundreds of attendees joining us to see you at the
celebrate businesses and individuals who 2022 PayTech
have shined in a very difficult year. Awards next
The virtual event saw people tuning July... and this
in from across the globe and was a time in a long-
testament that it can be entertaining, awaited physical
light-hearted and fun even in a digital environment, to
environment. If you’d like to see Darren enjoy the face-to-
perform his stand-up and unveil the face networking and
To reach new prospects, talk to:
winners and highly commended, check celebration!
EDITORIAL
Jon Robson Sam Hutton SALES MARKETING © PayTech Awards Winners
Managing Director & Editor-in-Chief Head of Sales Marketing Manager Supplement 2021
Head of Sales Business Development Executive Tanya.Andreasyan@fintechfutures.com Jon.Robson@fintechfutures.com
+44 (0)20 8052 0423
Rebecca.Nolan@fintechfutures.com
All rights reserved.
Editor
Email: jon.robson@fintechfutures.com Email: sam.hutton@fintechfutures.com Paul.Hindle@fintechfutures.com
Business Development Executive
Marketing Executive
Reece.Leonard@fintechfutures.com
PayTech Awards Supplement is produced by
FinTech Futures, an Informa Connect business.
Tel: +44 208 052 0423 Tel: +44 208 052 0434 Deputy Editor
Alex.Hamilton@fintechfutures.com
Sam.Hutton@fintechfutures.com
+44 (0)20 8052 0434
The material may not be reproduced in any form
without the written permission of the publisher.
Visit www.fintechfutures.com for a full list of our reports in 2021
The PayTech Awards 2021 | 03
Winners & Highly Commended
PayTech Project Awards
Best Cards Initiative
Winner:
BPI - One App All payments
Highly Commended:
APEXX Global - APEXX Gateway
Best Payments Initiative
Winner:
Modulr - Modulr gains deepest level of access to financial infrastructure in the UK
Highly Commended:
BPI - iFactoring
Mountain America Federal Credit Union - Balance Transfer Payoff
QIWI - Contactless payment service based on SoftPOS technology
Best SME Payments Initiative
Winner:
ClearBank - ClearBank Tide Business Banking (CTBB)
Highly Commended:
Pollinate - Tyl by NatWest
RBC - RBC PayEdge
Weavr - Multi
Best E-commerce & Loyalty Initiative
Winner:
Izicap - Izicap
Highly Commended:
FIS - Premium Payback
04 | The PayTech Awards 2021
Best Mobile Payments Initiative
Winner:
Bank Hapoalim - bit one-stop-shop payments app
Highly Commended:
Comviva & Airtel Uganda
Caixa Geral de Depósitos - CAIXA - App Caixadirecta Digital Assistant
Best PayTech Partnership
Winner:
FreedomPay - Mashgin’s Touchless Checkout System
Highly Commended:
Marqeta - Digital banking partnership between Marqeta and Twisto, using Marqeta’s
European Digital Banking solution to support Twisto’s mobile payments app
O-CITY - O-CITY, Tracom and NikoDigi Partnership in public transport contactless
payment
Best Prepaid Initiative
Winner:
Comviva & Airtel Uganda - Airtel Money Uganda
Best Use of Biometrics in Payments
Winner:
ID R&D - Passive Facial Liveness Detection for Payface
Best Use of Security/Anti-Fraud Solution in Payments
Winner:
Brighterion - AI for Credit Risk
Highly Commended:
Fraugster - How Fraugster Helped A.S. Adventure (a European Outdoor Sporting
Goods Retailer) Minimize Fraud With Advanced AI
Kount, an Equifax Company - Kount’s Identity Trust Platform
Chargebacks911 - Chargebacks911
The PayTech Awards 2021 | 07
Best UX/CX in Payments Initiative
Winner:
PayXpert LTD - PayXpress POS and mPOS
Highly Commended:
OpenPayd - Swissborg
Best Contribution to Economic Mobility in Payments
Winner:
Branch - Branch’s Employer Payments Platform Accelerates Payments to Empower
Working Americans
PayTech of the Future
Winner:
DBS Bank - DBS PayLah! - Palm-Vein Authenticated Payments and QR Gift Cards
Highly Commended:
Ziglu and Global Processing Services (GPS) - Ziglu and Global Processing Services
(GPS)
Banking Circle - Banking Circle
ID R&D - Wittybots: Frictionless security for in-chat payments
Best Green Initiative
Winner:
VTB Bank (PJSC) - Paperfree Office
PayTech for Good
Winner:
Icon Solutions - Icon Solutions
COVID-19 Response
Winner:
Nexi - Digital Solidarity Project (Pay-by-Link/Social Commerce/Mobile Pos/
Micropayments), contactless education, charity donation
Highly Commended:
Onbe (North Lane) - Inclusive Action for the City | Street Vendor Emergency Fund
O-CITY - SME MarketPlace Safal Fasal
08 | The PayTech Awards 2021
Case study: Sainsbury’s Bank
Satisfying the
need for speed
How SaaS firm AccessPay is creating a
seamless digital experience for bank customers
A preferred software partner is “The software business has an
not only a great asset to introduce impressive roster of customers
to your corporate client base who they have helped to achieve
but also for internal financial the same efficiency goal,
transformation projects. particularly financial institutions
For example, Sainsbury’s Bank like ours.
Corporate clients expect an elite commercial banks from 20 ahead of the curve and offering College London and provides a approached AccessPay in 2019 “We were confident the team
service from their banks and countries, digital leadership more to their clients. more forward-thinking, integrated about reducing the burden of would be able to meet our needs
financial institutions. vastly improves financial Transformation leader at and intuitive way of working. manual processing tasks within its and transform our operations.”
This key relationship, built over performance. EY, Jeroen van der Kroft, said: For banks, introducing a own Treasury team. The growing firm already works
time, means they not only trust “Banks have two main drivers payments integration platform Like many of its corporate with some of the biggest banks
you with current operational The impact of introducing to collaborate with fintech like this can really set you apart clients, the high street bank was in the UK and beyond including
needs but also expect you to a software partner companies. in a competitive marketplace. experiencing a pain point around Barclays, HSBC, NatWest and
be ready to innovate for future With the rise in paytech and “Customers have become processing payment data. Santander.
financial needs. fintech, banks now have the increasingly used to a seamless What does the future hold? Treasury staff were making James Stockton, head of partner
According to an Accenture option to partner with best-in- digital experience and expect With digital transformation high-value cross-border and market development at
survey of 160 retail and breed digital solutions, staying the same from their bank; a projects on the rise, post- payments every day but found the AccessPay, said: “We are giving
service few banks are able to pandemic, it’s a busy time for current process too manual and banks the edge in an ever-
provide (yet). AccessPay. therefore time-consuming. changing financial world.
“Furthermore, due to the The Manchester-based Treasury operations manager “We already have relationships
“Customers use our emergence of these one-stop- fintech has ambitious plans to at Sainsbury’s Bank, Warren with numerous banks across the
technology to create shops, fintech companies have double headcount in the next 12 Hyde, explains: “Formatting and globe and understand the po-
a secure, fully digital moved from being just a single months and has recently made uploading the payment data, tential challenges they face.
connection between all of service provider to providing a several senior hires to support then checking for accuracy, can “Innovative tech-driven solutions
their banks and their ERP, whole suite of services.” further growth. take hours.” like ours are valuable added
Both of these benefits apply CEO Anish Kapoor said: “It’s a Instead, Sainsbury’s Bank services for banks and their
HCM and Treasury systems.”
to AccessPay, winner of the really exciting time at AccessPay wanted to integrate its TMS with business customers. It also helps to
AccessPay CEO Anish Kapoor
PayTech Team of the Year as we continue to grow the the payment network. AccessPay decrease the amount of customer
award 2021. business and invest in the best supported the bank in achieving churn with no extra work.”
talent around. this goal.
Who is AccessPay? “Getting data to and from Warren praised the business’s
The UK-based software as a a bank is at the heart of what SWIFT expertise as well as
service (SaaS) firm provides finance teams do and yet the “excellent customer service”.
one portal for all payments. Its technology has not changed in He said: “Without AccessPay,
system is file agnostic and sits 20 years. we would have to revert to
between a corporate’s back-end “We are a trusted partner to old manual processes and we
operations, like an ERP, and their global banks, and customers use wouldn’t have the oversight of our
banking estate. our technology to create a secure, cash we enjoy now. The platform
It speeds up transactional fully digital connection between has transformed the way we work
processing for corporate clients all of their banks and their ERP, for the better. James Stockton, AccessPay
such as The AA, ITV and Imperial HCM and Treasury systems.”
10 | The PayTech Awards 2021 The PayTech Awards 2021 | 11
Settlement Centre at VTB Bank:
green, efficient and innovative
By Elena Mazur, Head of Settlement Centre at VTB Bank
As the world looks to the future, being a global financial institution
environmental, social, and in stepping up efforts around
governance (ESG) is at the top increasing the adoption of ESG
of the agenda for all major global standards in all front and back
banks. The Russian financial office processes. This is why we
industry is no exception to this, took the decision to bring our to a friend!”, aimed at restoring
and it is showing a growing ESG strategy forward by a year, forests across nature reserves
interest in taking action across for delivery in 2021, and we are in Russia. The project has been
various areas in order to adopt proud that this commitment has running for 6 years, with more
ESG principles. We are on an ESG been recognised by the PayTech than 4 million trees planted.
journey and at the moment only Awards, after being named Best To make a big difference
10% of Russian banks apply ESG Green Initiative for our Paper-free you must start small, which
methods (according to Deloitte), Office project. is why even the smallest
however the majority (67%) are Our renewed focus on ESG initiative contributes to broader
Elena Mazur, Head of preparing for the transition to has already seen results of an sustainable goals and aspirations
Settlement Centre at VTB Bank ESG banking, according to the 80% reduction in paper usage across the whole industry.
Association of Banks of Russia. at our Settlement Centre, That is why we collaborate
At VTB Bank we recognise the with an ambition to make that with partners on green practices.
responsibility that comes with number 100%. We are taking this For example, we provided a
seriously and are determined that proposal to Russia’s financial
all of our 2.7 million operations regulator, the Central Bank of of positive change within our At the VTB Settlement
daily will be carried out digitally. Russia, to eliminate the printed own organisation with other VTB Centre, our work is based on
Whilst hard copies used to be versions of all confirmations departments, such as lending for improving efficiency and ensuring
essential to banking procedures, that could be provided online. It all credit processes, which are frictionless processes. We have
this is no longer the case and new may take time to change age old also now looking to follow the been recognised by both the
technologies allow us to carry out practices, but we must innovate Settlement Centre’s lead on green banking community and a number
those tasks without a reduction in and deliver value. initiatives, including the move to of external accolades including
quality or safety. Partnerships across the paperless. We started a bank- JP Morgan Quality Recognition
We went from printing financial services can enable wide programme called Paperless Award with MT202 STP Rate
1,051,201 documents in 2019 positive change and it is via Bank aimed at transforming all 99.97%, US Dollar Payments
to 218,493 documents in 2020, close collaboration that we can processes to paperless, and we Straight Through Processing
which has saved more than contribute to a better future. have achieved the first results. Excellence Award by Citibank,
50 trees in just one year. The For example, in June 2020, VTB Not only in remote channels, but STP Quality Award 2018-2019 by
Covid-19 pandemic allowed us partnered with Mastercard and in the branch network clients Raiffeisen Bank International AG
to review all of our processes the Foundation of the All-Russian can buy a product or make and Outstanding STP Rate
and procedures to dramatically Society for nature conservation to a transaction fully digitally, by BNY Mellon.
reduce waste. We’ve reworked launch the “Mission: Clean Water” without paper. More than 30% of We take this award-winning
the regulatory documentation project, the purpose of which is documents with counterparties approach to our ESG initiatives,
and have developed paperless to help clean up more than 146 are also digital, signed with an so whether it is creating new
storage methods. We have also reservoirs in eight federal districts e-signature. We are really keen standards for global payments, or
implemented a number of related of the country. to see this happen across delivering for the planet, we are
initiatives including “Give a forest We have also started a trend the whole bank. committed to a better future.
12 | The PayTech Awards 2021 The PayTech Awards 2021 | 13
Excellence in Tech Awards
Best Open Banking Solution
Winner:
Plaid - Plaid Payment Initiation, Auth, Identity
Highly Commended:
VTB ad
Nordea - Nordea Open Banking and Premium API’s
Trustly Group AB - Trustly Open Banking Payments
VTB - VTB Open Banking Platform
Best Real-Time Payments Solution
Winner:
Volante Technologies - A paytech solution that delivers successful and high-impact
business outcomes relating to real-time payments infrastructure
Highly Commended:
Fiserv - Payments Exchange: RTP
Best Cross-Border Payments Solution
Winner:
PPRO - PPRO´s service of building a local payments infrastructure for their partners
& their merchants
Best Smart Payments Solution
Winner:
Fiserv - Deposit Line
Best Cloud Payments Solution
Winner:
Form3 Financial Cloud - Form3 Payments Platform
Highly Commended:
Century Business Solutions - EBizCharge Cloud
Volante Technologies - A payments solution that leverages cloud technologies
to facilitate meaningful change to the way an organisation operates and delivers
services.
The PayTech Awards 2021 | 15
be built on card-based systems from
the 90s – the future is unwritten and
needs software developed with the
unknown in mind, token-based and
object-oriented.
Don’t shackle yourself to legacy
infrastructure or a functionally
limited platform and all the
associated costs – both monetary
and in terms of resource allocation –
before you have even begun.
Build and maintain a strong and
knowledgeable team of experts.
Payments systems are complex,
and true knowledge and expertise
can only be achieved through
extensive hands-on experience.
From understanding the complexities
Building a successful,
of compliance to ensuring successful
certifications, it takes this practical
industry proficiency to create a
modern-day payments
business with staying power.
Build internal processes and
processing business
procedures to both enable the
efficient running of the business
itself, but also to deal with the
potential unknown issues of working
with third parties.
By Maria Nottingham, EVP of Compass Plus While the opportunity is there to
maintain a level of control, ensure
continuity and plan for contingencies
In today’s fast-paced payments to unknown future requirements, across internal technologies and
world, building a processing beyond increased volumes and procedures.
business to meet the requirements new products, extending into new Working with sponsor banks,
of financial institutions (FIs) old and product lines and new geographies payment networks, cloud providers
new, traditional and disruptive, is no and even holistic changes in and any additional players each
mean feat. deployment models from customer wants to work with
Maria Nottingham, managing Software-as-a-Service (SaaS), brings its own set of complexities to
director of Compass Plus Great Platform-as-a-Service (PaaS) and manage. Being prepared and having
Britain and an executive vice hosted processing to hybrid licence your own house in order leaves
president of the Compass Plus options for FIs to build their own you better equipped to deal with
Group, has risen to the challenge in-house systems. unforeseen events.
with the support of her team and A modern-day payments
mentors, and has been rewarded with processor should be able to cater Build a balanced relationship
the Woman in PayTech award 2021 for changing business and industry with your customers. The master/
for her efforts. requirements, and enable FIs to slave relationship is an antiquated
All successful large-scale projects realise the breadth of their vision, approach. On the one hand,
must be built on solid foundations, rather than a static choice between processors should not call all the
with clear vision and strategy in option A or option B. shots and create vendor lock-in
place. In this article, Maria shares the whereby customers can’t explore
five fundamental building blocks that Build the processing business using new and lucrative avenues of
helped grow a successful business the right technology platform with business growth. On the other,
and overcome the complexities of the flexibility and integration in the very your customers need to take
modern-day payments landscape. DNA of its being. The underlying advantage of your expertise to
infrastructure and functional build comprehensive strategies that
Build a universal processing centre capabilities will dictate the long-term will increase both of your bottom
that meets the requirements of FIs success and manoeuvrability of the lines, creating a symbiotic and
today. It should be flexible to adapt business as a whole. The future won’t sustainable partnership.
16 | The PayTech Awards 2021
the rest of the world, and as a entire CO2 footprint of every flexible and open solution,
company Icon hit the 10,000km full-time employee. This was not IPF. Even when profits were
target two years in a row, raising just the CO2 generated in their depressed due to the investment
more than £10,000. working life but also their home in developing the new offering,
Charitable giving at
Closer to home, Icon supports and holiday footprint. The result is the company recalibrated its
the Polka Theatre Freefalling, that Icon currently offsets 1,000 charitable donations, so that
a free drama programme for tonnes of emissions each year, these were not impacted. IPF now
the heart of its values
Merton Borough children aged with validated projects from NCP. has a roster of major banks as
9-11 years old experiencing Icon started as a services users.
difficulties at home or school. company, delivering complex “Back in 2009,” says Darren,
In 2020, the company was also payments projects using its in- “we could see the difference that
proud to start working with Future depth business and technology could be made if everyone did
Icon Solutions co-founder Darren Capehorn on why Frontiers. This award-winning expertise. “The consequences of something, even a small company
his company is intent on giving back to society education charity provides failure in this sector are huge,” like us in Wimbledon.”
coaching and mentoring to 13-18 points out Darren. “The bar for While the small company is now
year olds from disadvantaged payments is so much higher, tech a bigger company, it has made
Since its establishment in 2009 Icon supports multiple charities drinking water to 750,000 families backgrounds, helping them giants know about technology a big difference throughout to
as a result of a management and initiatives, building long- so far, bringing multiple health achieve their potential at school but not about the business lives near and far, with this clearly
buy-out, UK-based payment standing relationships with many and well-being benefits, while and when transitioning to requirements that sit behind.” ingrained within Icon’s DNA.
services and solutions specialist of these, so they have become reducing massive deforestation further education, employment
Icon Solutions has had charitable exceptionally close to Icon’s heart. and CO2 emissions. or training. The programme A common ethos
giving as part of its core values. This includes smaller initiatives Another example is the combines face-to-face coaching Starting a company with people
Co-founder Darren Capehorn where its donations make a WeSeeHope classic rally, which with access to professional role who have deep payment
explains that when the three real difference, local projects Icon has supported since 2015, models. In 2020, 16 Icon staff expertise is one thing. But
founders and initial 13 staff that allow it to give back to its supporting vulnerable children volunteered and became mentors. continuing to attract and retain
started the new company, they community in Wimbledon, as well in Southern and Eastern Africa. “In a year like no other, we knew these scarce individuals is
asked themselves how they could as projects that deliver long-term, Icon’s founders have travelled to our support in 2020 would be another. To that end, one knock-
be different. This was where sustainable change. Malawi to see the benefits of its more important than ever. We on benefit of Icon’s charitable
Icon’s ethos to go above and “We were delighted to win initiatives first-hand. The event has donated more than £1,500 per ethos is to aid its staff recruitment
beyond began and it has lived by the PayTech for Good award,” raised £1.4 million in five years. FTE and we actively supported 13 and retention. This is a clear
those values ever since. says Darren. “A key reason for To replace the 2020 and 2021 charities,” says Darren. differentiator and attracts people
Darren comments: “At Icon, talking about the charitable events, which were cancelled who want to do good as part of
we are proud of our growth but work is to show what can be due to Covid, the ambassadors Environmental focus their day-to-day work.
success is about more than achieved, hopefully inspiring other of WeSeeHope (which includes One other dimension to Icon’s Icon experienced 20% growth
percentages. Our involvement companies to do the same.” Icon’s three founders) devised efforts is to ensure it is carbon year-on-year in its first seven
with charities isn’t a tick-box an international challenge for neutral. Icon is certified as a years. However, inspired by the
exercise. It is at the heart of Worldwide support supporters to collectively walk, CarbonNeutral company, with legacy nature of the payment
who we are. Put simply, we’re Projects that Icon supports are run, cycle or swim the equivalent the process managed by Natural platforms on the market, it then
committed to giving back.” diverse and wide-reaching. A distance of traveling from the Capital Partners (NCP). However, set about building a modern,
Icon set out to donate 1% of its prime example is the Guatemala UK to Malawi – 10,000km. Once the company set a higher target.
profits but in practice it has given Water Project which has built an the Icon team heard about the As well as the corporate CO2 Icon Solutions co-founder
significantly more every year. eco-factory to provide purified challenge, it became Icon versus footprint, it decided to offset the Darren Capehorn
18 | The PayTech Awards 2021 The PayTech Awards 2021 | 19Leadership Awards
Woman in PayTech
Winner:
Maria Nottingham, Managing Director of Compass Plus Great Britain and an Executive
Vice President of the Compass Plus Group
Highly Commended:
Aleksandra (Aleks) Gren, Executive Board Member, Fiserv Inc.
Louisa Murray, COO, Railsbank
PayTech Leadership
Winner:
Neil Harris, Group Chief Commercial Officer, Global Processing Services (GPS)
Highly Commended:
Abrar Ahmed Mir, Chief Innovation and Financial Inclusion Officer, HBL
PayTech Team of the Year
Winner:
AccessPay - The AccessPay Team
Highly Commended:
Sber - SberPay team
Editor’s Choice Award
Winner:
SurePay - SurePay - Confirmation of Payee
The PayTech Awards 2021 | 21Partnerships for It also unlocks opportunities in
the form of value-added services.
These include electronic real-
Digital native companies,
including e-commerce businesses
and fintechs, have strikingly
with banks having to choose
between multiple infrastructure
providers while also dealing
create a global team within
the financial institution to
design and implement the new
real-time payments
time reconciliations, which can different business models from with regulatory issues such as operational modes, and involve
significantly reduce manual work; the large corporations of the past the second Payment Services all stakeholders, starting with
data aggregation services; and and therefore require tailored Directive (PSD2). More generally, the business, so that everyone
resources to better understand treasury services. To quickly many banks are struggling to is on board. It facilitates
How Volante is delivering the means for financial the business. In part, this stems expand into new markets, these balance the need for innovation quicker implementation cycles,
from the ability to add information digital native companies handle with the need to continue running adoption of proven best practice
institutions to create high-impact outcomes to the ISO 20022 messages. payments and receivables in a profitable business. approaches, easier development
Request to pay is the local currencies and domestic The broad nature of the of value-added services, and
evolution of real-time payments schemes. These are processed challenge is reflected in how API-based innovation on top of
and brings the potential to using both traditional bulk Volante approaches RTP projects. real-time processing rails.
Introducing real-time payments time Payments, the company offer clients a secure and schemes (ACH and RTGS), One workstream will focus on “This approach is essentially
(RTP) is not solely a technology constitutes a true partner, with authenticated alternative to and domestic instant payment deadlines and tactical short-term to help the bank maximise its
challenge, it is also a new way deep domain expertise. That credit card payments and their schemes of which there are now wins. VolPay Real-time Payments investment and benefit from
of working. Moreover, it is not combination was recognised associated multiple interchange more than 40 around the world can be implemented without the innovation,” says Scaffidi. “In
only about meeting deadlines and with the PayTech Best Real-Time fees. The relationship is between While RTP is a key enabler need to replace legacy systems this way, Volante delivers a clear
regulatory requirements, it offers Payments Solution award. the bank and the merchant, for unlocking digital payments or completely redesign a bank on roadmap to a real-time payments
opportunities to transform client Domenico Scaffidi, VP, global removing the intermediaries, for banks and their customers, real-time principles, which means infrastructure that overlays the
services. industry and regulatory affairs at each of which takes a cut of the this is all against the backdrop accelerated time to market and existing legacy systems and
As such, there is the need Volante, says: “24x7 payments payment amount. of complexity and rapid change. lower project costs. creates successful and high-
to bring together business, changes the way a financial RTP and the associated The current reality is fragmented, In parallel, Volante seeks to impact business outcomes.”
operations and payment experts, institution works.” This includes value-added services are
working in partnership. Volante adopting real-time reconciliations, a key area of competitive
has been a partner for RTP liquidity management and position advantage. Banks are faced
projects for banks since 2017, management. with an uncertain landscape of
when it collaborated with BNY Traditional batch processing regulations, technologies and
Mellon to provide the core allows for bulk payments and business processes. They are also
technology to enable the first provides time to forecast liquidity competing to better serve a new
real-time payments in the US. and positions. “When there are breed of digital-native companies
Since then, it has worked one-to-one payments, there is no that place increased importance
with banks across the globe. As forecasting, and payments can be on providing cross-border
well as Volante’s microservices released at any time, so processes payment solutions to unlock
and cloud-native VolPay Real- have to be automated,” he says. speed and efficiency.
“Volante delivers a clear
roadmap to a real-time
payments infrastructure
that overlays the existing
legacy systems and creates
successful and high-impact
business outcomes.”
Volante’s Domenico Scaffidi
22 | The PayTech Awards 2021 The PayTech Awards 2021 | 23The evolution of
SurePay is a specialist in and
founder of the IBAN-Name
Check/Confirmation of Payee
confirmation of payee
(CoP). Founded in 2016 as a brand
of Rabobank and incorporated in
February 2020 as SurePay B.V.,
all the major Dutch banks are
implemented and now SurePay is
After conquering its native Netherlands, CoP specialist also a trusted CoP provider in the
SurePay is ready to make waves in the UK UK where it provides its solution
to eight banks already.
CoP in the UK
SurePay started an informal
discussion about CoP in 2017
and this solution was already
live in the Netherlands when the
company commenced the design
and implementation of CoP in the
UK. CoP has been implemented
from Tier 1 UK bank to Tier 2 bank
and challenger to start-up banks.
SurePay has extended its UK
team due to the continued growth
for its services. use SurePay’s CoP solution. This “Due to the Covid-19 offer this as a full service even if
CoP is the key service and results in 30% of all payments the bank is not part of the UK’s
focus that SurePay provides. being checked by SurePay. induced rise in fraud, open banking scheme.
It is delighted that more When checking a payment, one it’s more important than
than 150 million successful of the following responses are CoP for organisations
checks have been provided: ever that organisations Financial institutions and
performed already. 1. It’s a match – all of the details implement CoP as soon organisations throughout the UK
match. should be able to integrate CoP.
More data, less fraudsters 2. It’s a close match – the name
as possible.” Due to the Covid-19 induced rise
SurePay’s CoP service or the account type doesn’t in fraud, it’s more important than
is an innovative, real-time exactly match what you have ever that organisations implement
name checking solution provided; contact the intended CoP as soon as possible. With
that gives UK payers greater recipient to check the details. In 2020 there was a total different data end-points,
assurance that their 3. It’s not a match – contact the APP fraud loss of £479 million, SurePay can reduce fraud faster
payments are going payee to confirm the correct according to UK.finance. and make payments more secure.
to the intended details. Fraudsters are targeting non-CoP
recipient. With the 4. Unavailable/unable to check banks, and so CoP has never CoP crossing borders
main purpose of – this may occur if the account been more critical. The more The next step for SurePay will be
making payments holder’s bank doesn’t support data SurePay has, the greater the to facilitate cross-border checks
personal, easier and more CoP. Contact the payee to capability to block fraudsters, all meaning safer international
secure, SurePay has more confirm the correct details. while staying GDPR compliant. payments. This is an addition to
than 30 banks and 150 Currently SurePay has a 5% the domestic CoP we already
organisations implemented “no match”, which means its CoP for all banks and provide, allowing for banks to be
already. In the Netherlands, unique algorithm leads to the building societies connected with the cross-border
99.5% of all payments are lowest amount of false warnings, CoP is in its second phase, which CoP router. Cross-border checks
checked, which has helped due to its accuracy. This means means it is available for all UK are highly necessary because
reduce fraud by 81% and payments are flowing more easily, banks and building societies. fraudsters are already moving
misdirected payments there are less fraud attempts, SurePay can help these banks to foreign banks. With this extra
by 67%. less reputational damage and and building societies become a addition to the CoP service, this
In the UK, eight banks therefore happier customers. CoP participant. It is also able to kind of fraud can also be reduced.
24 | The PayTech Awards 2021 The PayTech Awards 2021 | 25You can also read
