Currencycloud Partners with Form3 to Boost Confirmation of Payee Fraud Detection Offering in the UK

UK· 3min May 29, 2024

Form3’s Requester Service adds value and boosts customer fraud protection  

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Form3, the cloud-native account-to-account platform, today announces that Currencycloud, a Visa solution focusing on simplifying business in a multi-currency world, has selected them to provide account verification technology to support Confirmation of Payee (CoP) activity, designed to reduce fraud in the UK.

The Form3 Confirmation of Payee Requester Service enables Currencycloud’s customers to verify account holder and payee details to provide fast and secure account verification.

In practice, Form3’s technology connects with Currencycloud’s customers via a simple API, to enable routing capabilities to drive its Payee Requester Services activity, reducing payment misdirection and increasing fraud detection.

Today’s announcement follows Form3’s commercial partnership with Visa, announced in September 2023. Visa invested in Form3 to continue its expansion - and sought to bring the two companies’ capabilities together, to reduce fraud in real-time account-to-account payments.

The CoP rules were launched by the Payment Systems Regulator to reduce certain types of accidentally misdirected payments, and authorised push payment (APP) fraud in bank transfers. This is done by checking that the name on the recipient’s account matches the details a payer has given to their bank.

Mike Walters, Form3’s CEO, said: “Today’s partnership with Currencycloud demonstrates the value-added services that we can offer customers for fraud protection, in addition to our core payment processing. Fraud will continue to be a big challenge in payments, so we have responded to this by developing cutting edge technologies to minimise fraudulent activity. This is our first engagement with Currencycloud and we look forward to working with them moving forward.”

Commenting on today’s partnership, Mark Ledsham, COO at Currencycloud, added: “Utilising Form3’s best-in-class technology provides Currencycloud and our clients access to a robust and resilient fraud prevention solution. Our partnership with Form3 adds further value to our offering and allows us to be more competitive in the payments market.”

Form3’s Confirmation of Payee Requester Service will be rolled out to Currencycloud clients from the end of May.

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About Form3

Form3 is the account-to-account payments platform. Founded In 2016, Form3 set out to revolutionise the world of payment processing and disrupt the traditional payment infrastructure model, with an always on, cloud-native, Payments-as-a-Service platform. Providing not only gateway services its breadth and depth of solutions extends to fraud prevention, payments orchestration as well as data metrics. Today, Form3 is trusted by some of the UK’s and Europe’s biggest Tier1 banks and fastest-growing fintechs to handle their critical payments architecture. Form3 has been included in the 2024 Lazard T100 Index and was listed in the 2024 Top 100 Scale-ups in Europe. The company has also been awarded PayTech of the Year and Team of the Year for Form3’s Engineering Team at the UK Fintech Awards 2024, Accel Euroscape 2023 Top 100 Company, Tech of the Future for Banks & Financial Institutions 2023 by the Paytech Awards, and Engineering Team of the Year 2023 at the Europe Fintech Awards.