- The feature gives UK customers greater assurance that money is going to the right place, protecting customers from fraud and simple mistyping mistakes
- Confirmation of Payee is Revolut’s latest anti-fraud security feature and an initiative from the UK payments authority, Pay.UK
- The new functionality is powered by long-term payments partner Modulr
London, 12 January 2021
Revolut has announced the launch of Confirmation of Payee for its more than three million UK retail customers. This latest feature forms part of Pay.UK’s anti-fraud initiative and further bolsters Revolut’s already award-winning anti-fraud features.
Confirmation of Payee will give Revolut’s customers greater confidence that their payments are going to the right recipient whenever they pay a business or personal account. The new feature automatically checks that the recipient name and account details match the information held by the recipient’s bank or payment service provider, alerting the payer if there is a discrepancy.
The new feature helps to protect customers against Authorised Push Payment (APP) fraud and helps avoid simple mistakes by alerting the payer if they have accidentally mistyped account details when setting up a beneficiary, which can result in payments being sent to the wrong place.
The launch of Confirmation of Payee is Revolut’s latest step to help prevent fraud. Throughout the past year, Revolut has been sharing guidance with customers on how to spot scams and keep their money protected from fraudsters. The FinTech is also part of Europol’s European Money Mule Action (EMMA) initiative which includes financial institutions and domestic and international law enforcement agencies across Europe.
Revolut’s Confirmation of Payee feature has been enabled by its payments partner Modulr. Modulr is one of the few non-banks to have direct access to the Bank of England payments infrastructure. The FinTech is Revolut’s long term payments partner, having also recently enabled Revolut’s UK customers to receive their salary one full working day early together.
Nik Storonsky, CEO and Founder at Revolut, says: “Revolut takes financial safety and security extremely seriously and our aim is always to provide our customers with the very latest in-app security features. Being able to automatically check that a recipient’s name and account details match the information held by their bank or payment service provider means that our customers benefit from an important new level of protection and can avoid simple mistakes. Thousands of people in the UK fall victim to social engineering scams every year and Confirmation of Payee is a crucial step in the ongoing battle against fraud.”
Myles Stephenson, CEO and Founder of Modulr says: “We’re committed to providing our partners, such as Revolut, with the very latest in payments innovation and I’m delighted that we were not only the first non-bank or building society to offer Confirmation of Payee, but that we are now the first payment services provider to be able to pass on this functionality to our PSP partners. Utilising our APIs and our participation with Pay.UK’s CoP service, Revolut can now offer its customers an important extra layer of financial protection.”
Maha El Dimachki, Chief Payments Officer of Pay.UK says: “We are delighted to see increasing numbers of people in the UK benefitting from Confirmation of Payee. The account name-checking service helps consumers avoid errors and fraudulent misdirection of their funds. It is another tool to support and protect consumers when making payments and has been gaining positive momentum since launch.”
To enable Confirmation of Payee, Revolut customers in the UK need to update the app to version 7.29.
NOTES TO EDITORS
We are building the world’s first truly global financial superapp. In 2015, Revolut launched in the UK offering money transfer and exchange. Today, our 13 million customers around the world use dozens of Revolut’s innovative products to make more than 100 million transactions a month.
Across our personal and business accounts, we help customers improve their financial health, give them more control, and connect people seamlessly across the world.
Modulr is the Payments as a Service API platform for digital businesses. It integrates into any product or system. Modulr’s new type of payment accounts are built for businesses that need a faster, easier and more reliable way to move money. Businesses can automate payment flows, embed payments into their platforms and build entirely new payment products and services themselves. All managed in real-time, 24/7 from one API.
Modulr’s API makes it easy for businesses to streamline existing services, launch new products and scale more efficiently. Modulr Finance Limited (FRN 900699) is registered with the Financial Conduct Authority as an EMD Agent of Modulr FS Limited (FRN 900573). Modulr FS Limited is an Authorised Electronic Money Institution, regulated by the Financial Conduct Authority. Modulr FS Europe Limited (638002) is authorised by the Central Bank of Ireland as an Electronic Money Institution.
Modulr worked closely with Pay.UK in providing Revolut with Confirmation of Payee, as part of a process which saw Modulr become the first Payment Services Provider (PSP) to provide a client access to the CoP service under the new Client PSP model, which allows clients of Modulr to offer CoP to their customers. Modulr has provided Revolut with its GBP payments infrastructure since 2017.