Does your current solution cover 92% of the market?
Legacy verification services can typically deliver as little as 75% coverage for UK consumer bank accounts, and, where this is available, as little as 35% for UK business and corporate bank accounts.
By leveraging the core Pay.Uk Confirmation of Payee (CoP) our service gives you 92% coverage. That’s consumer, corporate and business accounts. And the best part of this is that is due to rise to 99% by October 2023.
Make significant cost savings
According to our recent research, a failed transaction can cost your business more than £50 to correct. Plus, the reputational risk that this creates for your business.
If you add that to the number of manual checks that you’ll need to carry out if your business is using a legacy service, or, if you are still carrying out this type of check manually, then you’ll be pleased to know that you’ll save time and money by moving to PTX Confirmation of Payee service.
A solution for all stages and businesses
If you’re new to verification services, it’s simple. We can help you confirm the validity and ownership of a bank account so you can avoid costly mistakes and minimise fraud.
We have a range of solutions that can help you make these vital checks when you need them:
If your business regularly takes payments from consumers, then we can help you validate the bank details at the point of capture or,
If you regularly issue refunds, make regular or high value payments to businesses and consumers, we can ensure that payments are being made to the right place.
Whatever your business case, we’re confident that we have the right verification solution for you.
"The impact it has had on my business and the ability for me to have greater control over my cash flow has been massive. PTX has allowed my company to grow. Over the last 6 months, James Corporate Health’s monthly turnover has increased by 15%." Emma James | Owner and MD | James Corporate Heath
'22 Business Payments Barometer - General Findings
Curt Raffi, Chief Product and Innovation Officer from Bottomline, and Colin Swain, Global Head of Platform and Product Transformation from Bottomline, discuss the key findings of the '22 Business Payments Barometer from both the UK and the US.
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