By Gloria Methri
Today
- APP Fraud
- Authorised Push Payment
- CLOWD9
CLOWD9 has selected tell.money as its strategic Software-as-a-Service (SaaS) partner to revolutionise Confirmation of Payee (CoP) and open banking compliance in the UK and European markets.
tell.money offers tailored solutions, including CoP-as-a-service and open banking compliance solutions, catering to FinTechs, Electronic Money Institutions (EMIs), and banks in the UK and EU.
With the looming deadline for Group 2 Payment Service Providers (PSPs) to adhere to CoP regulations set for October 2024, the urgency for compliance solutions is rapidly escalating.
David Monty, founder of tell.money, expressed excitement about the partnership, stating, “We are delighted to be selected as the open ecosystem partner for CLOWD9. It marks the start of a fantastic strategic partnership, and we are proud to see CLOWD9’s acknowledgement of our capabilities and reliability.”
Suresh Vaghjiani, CEO at CLOWD9, reiterated the significance of the collaboration, emphasising, “tell.money’s expertise in CoP aligns with our mission to provide straightforward, scalable payment technology to our clients. Together, we aim to guide FinTechs, EMIs, and banks through regulatory complexities.”
Recent data reveals alarming trends in authorised push payment (APP) fraud, with the UK witnessing a surge in reported cases. In 2023, over 116,000 cases were recorded, representing a substantial increase compared to the previous year. Additionally, approximately 207,000 APP fraud cases on personal accounts in 2022 resulted in total losses of £485.2 million.
Confirmation of Payee (CoP) stands as a critical regulatory measure to combat authorised push payment fraud by verifying payee details before processing transactions. tell.money’s CoP solution, tell.confirm, equips PSPs with a fully managed SaaS offering encompassing implementation, accreditation, testing, monitoring, ongoing support, and reporting to ensure seamless compliance.
