By Aisling Finn on Tuesday 12 January 2021
The anti-fraud feature has been introduced in collaboration with Revolut’s long-time partner and fellow fintech, Modulr.
Digital banking service Revolut has today introduced Confirmation of Payee for its three million UK retail customers.
Confirmation of Payee is a fraud prevention system led by Pay.UK which checks the name of a bank transfer recipient matches those details held by the bank.
Nik Storonsky, CEO and co-founder of Revolut, said: “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.”
Myles Stephenson, CEO and founder of Modulr, added: “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 Payment Service Provider (PSP) partners.”
“Utilising our APIs and our participation with Pay.UK’s Confirmation of Payee service, Revolut can now offer its customers an important extra layer of financial protection.”