Partnership will be aimed at preventing fraud
IN BRIEF:
- Pay.UK operates as the country’s main provider of payment services, establishing industry standards and promoting efficient, secure operations
- The partnership holds significant potential benefits, as all partners involved in the pilot will gain access to historic Faster Payments transactional data from participating banks and PSPs under an innovative data-sharing agreement
- The project, upon successful testing, aims to provide a new product to payment service providers to combat fraud, building upon the successful anti-fraud tool, Confirmation of Payee, introduced by Pay.UK in 2020
What does this mean?
Pay.UK’s Chief Business Development Officer and Anti-Fraud Lead, Kate Frankish, commented on the initiative, stating, “Fraud is one of the biggest challenges we face today, with more people than ever feeling its devastating financial and emotional impact. Fraud losses exceeded £1bn last year, which is equivalent to around £2,300 being stolen every minute. To outpace the scammers, we will need to work together, with better collaboration and knowledge sharing. That’s why Pay.UK is bringing the payments industry together to share data and resources. This announcement is a UK first and a major step in the right direction, made possible by Pay.UK’s convening power at the heart of the payments system.”
