Signicat has teamed up with SurePay to give Dutch customers more confidence when delivering payments. The joint solution blends Signicat’s Digital Identity Platform with SurePay’s Account Check service to make sure that payments reach the intended recipient.
The service is primarily geared towards employers and other large organizations, and cross-references a payee’s personal information with their International Bank Account Number (IBAN) to make sure that the two are a match. If the information given to the employer does not match the information associated with the account, the service will send a notification before the payment has gone through to help prevent fraud in real time.
The partnership with Signicat allows SurePay to reference the Netherland’s iDIN electronic identification system when performing a check. In the past, the platform could only use name and address to confirm the identities of individuals.
“By verifying account holders at the point of payment, bank and identity fraud diminishes by 72 percent in online banking,” said SurePay Co-Founder Marcel Rienties.
SurePay is a FinTech subsidiary of Rabobank. The company’s service will indicate if multiple people are associated with an account, and find the closest match in the case of a basic spelling error. If there is a discrepancy, it will also give customers a confidence rating to let them know that extra diligence may be required before processing a payment.
“Building trust between businesses and customers online is critical in the digital age,” said Signicat CEO Gunnar Nordseth. “Working with innovative providers helps us provide businesses and end-users with user-friendly solutions, whilst reducing payment risks and fraud.”
The news comes shortly after Signicat partnered with Twikey to facilitate recurring payments in Belgium and the Netherlands through the use of secure e-signatures. To that end, Signicat recently formed a separate partnership with Swisscom to upgrade its Digital Identity Platform with Qualified Electronic Signature capabilities.