As part of its relentless pursuit to stay ahead of payment fraud, Caxton Payments has teamed up with tell.money to introduce Confirmation of Payee (CoP) services, adding yet another cutting-edge layer of security to its platform and ensuring customers’ funds are more protected than ever.
This collaboration comes at a crucial time, as authorised push payment fraud for the first half of 2024, though declining, still reached 97,344 cases and caused personal losses of £166.5 million and business losses of £47.2 million.(1)
The partnership will integrate tell.money’s Confirmation of Payee service, a fully managed SaaS solution, enabling both business and consumer clients to verify account details before initiating payments. This development aligns with the growing industry adoption of CoP, which has seen a huge growth in the daily checks run by payments organisations.
Alana Parsons, COO of Caxton states: “At Caxton, we’re dedicated to safeguarding our customers’ payments with industry-leading security enhancements, like our new confirmation-of-payee checks. This additional layer of verification helps our users avoid accidental misdirected payments and strengthens protection against fraud. Our customers’ peace of mind and the security of their funds, is at the heart of every innovation we bring to the Caxton platform.”
The implementation comes as the UK’s Payments Systems Regulator is expecting to see near ubiquity Of Confirmation of Payee by its deadline at the end of October 2024, marking a significant milestone in payment security. The service will be available to all Caxton clients, allowing them to verify recipient details before initiating transfers, thereby reducing the risk of misdirected payments and fraud.
David Monty, CEO of tell.money, says: “We’re thrilled to be working alongside Caxton on this vital project. Like us, the team at Caxon is determined to provide services that place the customer at the centre. Our CoP solution certainly delivers that peace of mind, not just for Caxton and its customers, but also for the wider ecosystem interacting with those account holders. We believe that a well functioning payments ecosystem provides the best possible outcomes for all end users, and we are delighted to be working with like-minded people at Caxton.”
As the holiday season approaches, this enhancement provides timely reassurance for both businesses managing year-end payments and individuals sending money to family and friends.
About Caxton Payments:
Established in 2002, Caxton Payments Limited is a leading financial services provider offering comprehensive payment solutions for businesses and individuals. The company specialises in international money transfers, multi-currency accounts, and travel money services, serving clients globally with transparent rates and dedicated support through their API-driven platform. For more information visit https://caxton.io.
About tell.money:
Tell.money is a market-leading open ecosystem platform, offering a suite of services that include Dedicated Interface APIs, Confirmation of Payee, and advanced Test & Monitoring systems. With a commitment to promoting seamless integration and regulatory compliance in the open banking ecosystem, tell.money continues to transform financial technology into a force for good. For more information visit Visit https://www.tell.money.