Financial institution IDT collaborates with tell.money to implement CoP service integration
IDT Finance, a renowned provider of tailored payment and banking solutions, has announced a strategic partnership with tell.money, an Open Banking specialist. This collaboration marks a significant step forward in IDT Finance's mission to meet regulatory challenges and embrace new opportunities in the fintech space.
The partnership with tell.money builds on IDT Finance's existing partnership with ClearBank, a technology-driven bank focused on creating a sustainable banking and payment infrastructure. The aim is to deliver a pipeline of Open Banking tools that drive growth and compliance for IDT Finance's clients.
At the heart of this partnership is the integration of Confirmation of Payee (CoP) services. CoP is a tool designed to verify the intended recipient's account details before a payment is made, thereby reducing the risk of mistaken payments and mitigating fraud.
Rob Darby, head of sales at IDT Finance, commented on the partnership, stating, "By integrating CoP, IDT Finance ensures its clients are equipped with compliant, ready-to-use solutions. This partnership enhances our ability to deliver faster payments capabilities, providing an essential layer of fraud prevention and transaction assurance."
The benefits of CoP for businesses are numerous. By verifying payee identity, CoP reduces the risk of mistaken payments, mitigates fraud, especially business email compromise scams, increases customer and business confidence, decreases financial losses, and streamlines payment processes. In markets where CoP has been active for years, misdirected payments have decreased by 59%, and fraud-related losses have reduced by 20-40%.
The integration of CoP strengthens IDT Finance's offering, providing a more secure and reliable payment solution for its clients. By leveraging tell.money's real-time payee verification capabilities, IDT Finance can prevent fraud and mistaken payments more effectively, ensuring regulatory compliance and safeguarding instant payments.
Rob France, chief commercial officer at tell.money, expressed his enthusiasm for the long-term, impactful relationship, stating, "IDT Finance is committed to empowering its clients with tools that enhance security and position them to thrive in a rapidly evolving financial landscape."
In summary, the partnership between IDT Finance and tell.money is a significant step towards enhancing payment security and regulatory compliance. By integrating CoP, IDT Finance is providing businesses with a more secure and reliable payment solution, reducing the risk of payment errors, fraud, and financial losses, and streamlining payment processes. This collaboration further fortifies IDT Finance's position as a leader in the delivery of innovative and secure payment solutions.
[1] Source: UK Finance [2] Source: Pay.UK [3] Source: FCA [4] Source: IDT Finance press release [5] Source: tell.money press release
- IDT Finance, through its partnership with tell.money, is integrating Confirmation of Payee (CoP) services, aiming to deliver a pipeline of Open Banking tools that drive growth and compliance for its clients.
- By verifying payee identity, CoP reduces the risk of mistaken payments, mitigates fraud, increases customer and business confidence, decreases financial losses, and streamlines payment processes.
- Rob Darby, head of sales at IDT Finance, commented that the partnership enhances IDT Finance's ability to deliver faster payments capabilities, providing an essential layer of fraud prevention and transaction assurance.
- The partnership with tell.money builds upon IDT Finance's existing partnership with ClearBank, creating a sustainable banking and payment infrastructure.
- In markets where CoP has been active for years, misdirected payments have decreased by 59%, and fraud-related losses have reduced by 20-40%.
- Rob France, chief commercial officer at tell.money, expressed his enthusiasm for the long-term, impactful relationship, stating that IDT Finance is committed to empowering its clients with tools that enhance security and position them to thrive in a rapidly evolving financial landscape.
