Verification systems are essential to mitigate fraud, reduce errors, and meet customer expectations. Global interoperability and advanced fraud detection are the next steps for industry-wide success.
18%
of European financial institutions have not started in their readiness to verify IBAN/Beneficiary and daily control
17%
drop in APP fraud in 2023 after the UK adopted CoP
Payment verification tools like Confirmation of Payee (CoP) and Verification of Payee (VoP) reduce fraud and improve customer trust. However, global adoption remains uneven, with significant gaps in the US and APAC markets.
The UK leads in verification adoption, with 98% of PSPs mandated to integrate CoP by 2024.
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Related Solutions
Payments Verification
Ensure compliance and reduce fraud with real-time bank account and name verification solutions like Confirmation of Payee.
