Atom Bank has chosen SurePay to help it prevent fraud and misdirected online payments.

The Netherlands-based FinTech is already responsible for checking over 95 per cent of all Dutch payments, and now its Confirmation of Payee solution checks 25 per cent of all online payments in the UK.

The service enables payers to verify that the payee’s name and sort code match so they can prevent transferring money to the wrong person or business, whether by intent (payment fraud) or unintentionally (misdirected payments).

The algorithm detects and interprets subtle differences between payee details entered by the payer and the payee details officially registered at the bank - but will not interfere with correct payments because the entered details are verified instantly and the user experience is unaffected.

Roger Mackintosh, head of payments and partnerships for Atom Bank, stated: “Keeping customers' money safe is our top priority and we’re working tirelessly to make sure our customers have the best technology to protect them.

"We’re impressed with the work SurePay has done to date and the ability to implement Confirmation of Payee so quickly.”

In the UK, SurePay has performed over 30 million checks, with more than 300,000 checks every day with sub-second response time.

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