Arming corporate fraud teams with an effective way to combat fraud with Authorized Push Payments (APP).
READING, United Kingdom, Jan. 17, 2023 (GLOBE NEWSWIRE) — Bottomline, a leading provider of financial technology to banks and businesses worldwide, has announced a new line of fraud defense for businesses. Now available directly to businesses, Bottomline’s Confirmation of Payee (CoP) for Business helps better protect businesses from potential fraud by verifying the bank account holder receiving the funds.
Authorized Push Payment (APP) fraud losses were £583 million for 2021 (up 22% on 2020) and £249 million for the first half of 2022, according to a UK Finance report “While the UK Payments Regulator (PSR) has already mandated that financial institutions incorporate CoP into their consumer banking services to prevent APP fraud, we believe more can be done,” said Colin Swain, Bottomline Global Head of Platform and Product Transformation. “Using our first API technology, companies of all sizes can now better protect their business payments using CoP for Business.”
As fraud continues to plague banks, businesses and consumers, Confirmation of Payee frees up unnecessary manual effort by giving businesses a new tool to verify that payments are directed to legitimately owned bank accounts. Closing another loophole against fraudsters, instant and batch transactions are automatically verified through direct bank account checks instead of periodically updated third-party bank account databases.
New to the market and one of the few direct offers for businesses, CoP for Business offers a viable alternative to traditional bank account verification methods. It provides more than 90% coverage of personal and business accounts so finance teams can be sure they are dealing with the right account holder, stopping fraud in the act and avoiding the costly headache of recovering incorrectly processed or irrevocable payments.
“In 2022, 29% of companies surveyed in the Business Payments Barometer admitted to being victims of fraud, claiming that fraud losses increased by 10% compared to 2021. So, in addition to what banks offer, it is up to companies to ensure that their payments are safe and legitimate. CoP for Business gives them the peace of mind and arsenal they need to wage war against financial fraud,” Swain continued. “Uniquely, CoP has over 90% bank account coverage, meaning fewer manual checks for corporate fraud teams. With PSR forecasting CoP bank account coverage to expand beyond 99% by October 2023, the benefits for businesses are clear.”
About Bottomline Technologies, Inc.
Bottomline makes business payments simple, smart and secure for businesses and financial institutions, of all sizes, around the world. More than 10,000 corporate clients, 1,400 commercial and business banks, including 15 of the top 25 global banks, rely on our industry-recognized payments and software platforms to accelerate digital transformation in the complex world of business payments and financial management. Bottomline solutions touch customers and payments in 92 countries on six continents. Our teams serve the world from primary locations in the United States, United Kingdom, Switzerland, Israel, India, Australia and Singapore. Bottomline is a portfolio company of Thom Bravo, a highly regarded software-focused private equity firm with $122 billion in assets under management. For more information, visit www.bottomline.com.
Bottomline is a registered trademark of Bottomline Technologies, Inc.
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