New Service by Revolut Provides Anti-Fraud Feature in Partnership with Modulr
Digital bank
Revolut has announced a new service: Confirmation of Payee – available to over 3 million UK customers. The feature is part of Pay.UK’s anti-fraud initiative, according to a release. The feature has been enabled by its payments partner Modulr, one of the few non-banks to have direct access to the Bank of England payments infrastructure.
Confirmation of Payee provides improved confidence that payments are going to the right recipient whenever they pay a business or personal account. The new feature automatically checks that the recipient’s name and verifies that account details match the information held by the recipient’s bank or payment service provider. If something is amiss, an alert is forwarded to the payer.