Belgium selects SurePay for Payee Verification Process
In a significant move for the Belgian banking industry, the Centre for Exchange and Clearing has chosen SurePay to provide Confirmation of Payee (CoP) technology to domestic banks in Belgium. This decision marks a step forward in enhancing the security and efficiency of financial transactions within the country.
SurePay, a European fintech company specialising in Verification of Payee (VoP) services, will enable Belgian banks to verify the name of the payee against the IBAN or other unique payment identifiers before a payment is executed. This verification helps prevent fraud and errors by alerting the payer when the payee name entered does not match the account holder’s name on record.
With over 200 banks across the Netherlands, the UK, France, Italy, and Belgium already using SurePay's technology, Belgian banks will gain access to a network of 100 banks through their partnership with the company.
The selection of SurePay was made after a rigorous open tender process conducted in collaboration with the Federation of the Belgian Financial Sector. David-Jan Janse, the CEO of SurePay, expressed his gratitude for the trust placed in his company, highlighting their leadership in the VoP industry since 2016.
SurePay is renowned for its commitment to security and efficiency, both domestically and internationally. The company conducts over 1.5 billion checks annually and currently serves over 100 banks across the UK and the Netherlands with VoP services.
The partnership ushers in a new era of enhanced security and efficiency in Belgian financial transactions. Belgian banks, by deploying VoP services, will be able to leverage valuable added services, further strengthening customer trust in online transactions.
Notably, Belgium is the first country in the Eurozone to have gone live with VoP ahead of the October 2025 EU deadline, highlighting SurePay’s role in accelerating the expansion of this technology across European financial institutions.
The green check mark commonly seen in banking apps confirming that payments are going to the correct recipient is a testament to SurePay's leadership in this service. Existing multinational clients of SurePay can now extend their VoP capabilities to include Belgian banks.
Moreover, the seamless integration of SurePay's technology with Swift PreValidation was a significant factor in the decision to partner with the company. This integration will further streamline the banking process, ensuring a smoother and more secure experience for all parties involved.
In summary, Belgian banks have chosen SurePay to implement CoP technology, making them pioneers in the Eurozone in adopting this anti-fraud mechanism. The partnership with SurePay marks a significant step forward for Belgium's banking industry, ensuring a safer and more efficient financial ecosystem for all.
- The Centre for Exchange and Clearing's decision to incorporate SurePay's technology for Confirmation of Payee (CoP) is a significant boost for global security and efficiency within the banking and finance industry.
- With SurePay's technology, Belgian banks will have access to a network of over 200 banks across Europe, promoting collaboration within the industry.
- By implementing VoP services, Belgian banks are taking a lead in European financial institutions in adopting anti-fraud measures, setting a new standard for global banking-and-insurance security.
- Through partnerships such as this one with SurePay, Belgium is accelerating the expansion of data-driven technology solutions in the global banking sector, ultimately fostering a more secure and efficient financial ecosystem.
