Arm your corporate fraud team with an efficient way to combat Authorized Push Payment (APP) fraud
READING, UK, 17 January 2023 (GLOBE NEWSWIRE) — Bottomline, a leading financial technology provider to banks and businesses around the world, has announced a new line of fraud protection for businesses. Now available directly to businesses, Bottomline’s Verify Payee (CoP) for businesses helps protect businesses from potential fraud by verifying the ownership of bank accounts receiving funds.
UK Finance reported losses from Authorized push payment (APP) fraud at £583m in 2021 (up 22% from 2020) and £249m in the first half of 2022. Given that financial institutions have incorporated his CoP into their consumer banking services and he is preventing APP fraud, we believe we can do more,” said Bottomline’s global leader in platform and product transformation. Director Colin Swain said. “By using our API-first technology, businesses of all sizes can now use his CoP for Business to better protect their payments.”
As fraud continues to plague banks, businesses and consumers, payee verification is becoming unnecessary by giving businesses new tools to verify payments to legitimately owned bank accounts. Frees you from manual work. To fill another gap against fraudsters, instant and batch transactions are automatically verified by direct checks to the source bank account rather than intermittently updated third-party bank account databases.
CoP for Business is one of the few new enterprise offerings on the market that offers a viable alternative to traditional bank account authentication methods. With coverage of over 90% of personal and business accounts, finance teams can be confident they are dealing with the real account holders, deter fraud, and eliminate misprocessed and unrecoverable payments. Avoid the costly headache of recovering unpaid payments.
“In 2022, 29% of businesses interviewed by the Business Payments Barometer admitted to being victims of fraud, claiming a 10% increase in fraud losses compared to 2021. , beyond what banks offer, it is the responsibility of businesses to ensure that payments are safe and legal.CoP for Business gives them peace of mind and equips them with the arsenal they need to fight financial fraud. We will provide it,” continues Swain. “Uniquely, CoP covers more than 90% of bank accounts, which means fewer manual checks for corporate fraud teams. The benefits for businesses are clear, as we forecast over 99% over 2020.”
About Bottomline Technologies, Inc.
Bottomline makes business payments simple, smart and secure for businesses and financial institutions of all sizes around the world. Over 10,000 corporate customers, 1,400 commercial and business banks (including 15 of the world’s top 25 banks) rely on our industry-recognized payments and software platform to power their corporate payments and financial transactions. Accelerating digital transformation in the complex world of management. Bottomline solutions involve customers and payments in 92 countries on 6 continents. Our team serves the world from key locations in the US, UK, Switzerland, Israel, India, Australia and Singapore. Bottomline is a portfolio company of his Thoma Bravo, a highly regarded software-centric private his equity firm with $122 billion in assets under management. For more information, please visit www.bottomline.com.
Bottomline is a registered trademark of Bottomline Technologies, Inc.
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