NatWest partners with Fintech firm Bottomline to reduce fraud

Fintech provider, Bottomline, has announced a new partnership with NatWest.

The bank has adopted Bottomline’s Confirmation of Payee (CoP) solution to service their agency institutions in the fight against authorised push payment (APP) fraud.

Authorised Push Payment (APP) fraud has grown considerably in the UK financial services sector and is now considered by Pay.UK to be a material risk on the reputation of the Faster Payment Scheme (FPS). Bottomline, headquartered in the US, highlighted that this concern comes at a time where the limit for individual FPS transactions has recently risen from £250,000 to £1m.

In a bid to drive down APP fraud, UK Finance introduced CoP, which allows customers of participating banks, building societies and credit unions to double-check, ahead of making a payment, that the account holder’s name matches the owner of the bank account number.

Chief product officer take payments at NatWest, James Hodgson, commented: “Our partnership continues to grow with Bottomline Technologies. The introduction of its SaaS solution for CoP increases the speed at which we want our agency institution customers to be adopting the latest beneficiary name checking service. It gives our customers a pedigree solution to protect customer funds from the rising incidents of APP fraud.”

Bottomline managing director of global business solutions, Paul Fannon, said: “We’re delighted to work with NatWest customers in accelerating the use of CoP across the industry and the UK.

“We know that fraudsters target less well-protected parts of the payments process, so the goal has always been to identify those gaps and promote mass adoption of fraud prevention initiatives to protect customers and maintain trust in our payment industry. The agency partnership with NatWest is a key accelerator.”

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