Paynetics teams up with tell.money to launch CoP service

Paynetics is partnering with the open banking platform tell.money to implement a new Confirmation of Payee (CoP) service. The main aim of CoP is to verify payee names to ensure that payments reach the correct account holder, thus enhancing security and compliance for its customers.

This partnership is particularly timely as the deadline for Group 2 Payment Service Providers (PSPs) to comply with CoP regulations is approaching next month. The new CoP service is designed to help these providers meet regulatory standards and combat fraud effectively.

Valeri Valtchev, CEO of Paynetics, expressed satisfaction with the collaboration, stating, "At Paynetics, the commitment to providing partners with best-in-class embedded finance services is unwavering. The collaboration with tell.money on implementing CoP is a testament to the dedication to innovation and compliance. With this partnership, our partners will be able to embed financial services seamlessly while staying fully CoP covered."

David Monty, founder of tell.money, noted the broader implications of the partnership. "We are delighted to work with Paynetics to deliver CoP and drive the open ecosystem. CoP is not just a regulatory requirement and a vital element in the payment toolkit and fraud protection. It is also an important step on the journey towards a more open ecosystem in which innovation creates change for the better. To that end, we are proud to have been selected by Paynetics and we look forward to working with the team now and into the future," said Monty.

tell.money offers a comprehensive suite of tools specifically designed to help partners meet CoP regulations. This includes detailed guidelines and testing suites to ensure full compliance. The integration is intended to allow for greater control over fraud detection, thereby ensuring secure and reliable transactions with minimal effort on the part of the service provider.

The CoP service is part of Paynetics' broader initiative to provide top-notch customer services while maintaining a high level of security and compliance. The collaboration with tell.money reflects both companies' commitment to creating a more secure and open financial ecosystem, which benefits fintech and its customers alike.

As the regulatory landscape continues to evolve, partnerships such as this one between Paynetics and tell.money will likely become more critical. Ensuring compliance while simultaneously enhancing security and improving user experience will be essential for companies operating within the financial services sector. Such collaborations will not only foster innovation but also contribute to building trust among consumers in an increasingly digital marketplace, ultimately driving growth and sustainability for fintech solutions.