SurePay has been chosen by Finance Denmark, an association representing banks, mortgage institutions and financial firms in Denmark, to provide a national Verification of Payee (VoP) service in the fight against payment fraud.
Under the new Instant Payments Regulation, which takes effect in October this year, VoP will become mandatory across Europe, while non-Euro countries, like Denmark, are required to comply by 2027.
It means Denmark has become the first non-Euro country to implement a nationwide VoP solution.
The service checks whether the recipient’s name matches the provided IBAN, enabling banks to verify account holders in real time, thereby reducing impersonation fraud and misdirected payments.
SurePay has performed more than nine billion VoP checks since being founded in 2016, and its scalable platform is used by over 200 financial institutions.
“We are proud to support Finance Denmark and its members in implementing a best-in-class Verification of Payee solution,” said David-Jan Janse, chief executive officer of SurePay.
“This partnership empowers Danish banks to proactively fight fraud, comply with upcoming EU regulation, and connect to a broader network of over 200 financial institutions already using our solution across Europe.”
Michael Busk-Jepsen of Finance Denmark
Michael Busk-Jepsen, executive director at Finance Denmark, added: “In choosing SurePay, we focused on their deep expertise and insight into applying VOP across various payment scenarios – from individuals to small and large businesses.
“Their experience and capabilities stood out clearly during the selection process.”
Using the SurePay API, banks can access VoP, CoP and SWIFT Beneficiary Account Validation via Temenos Exchange.
Further reading: SurePay chosen for Belgium’s payee verification
