Monavate partners with tell.money to strengthen CoP and expand Open Banking capabilities

UK-based card scheme sponsor and payment enablement platform Monavate will strengthen its Confirmation of Payee (CoP) security and expand its Open Banking capabilities via a new partnership with tell.money.

Monavate selected tell.money’s “easy-to-integrate” solutions to improve fraud prevention, payment security and regulatory compliance following a market review.

Through its regulatory solutions, tell.money enables financial institutions to implement CoP and Open Banking.

Mat Peck, Monavate’s chief technology officer, said: “With tell.money’s CoP solution, we can provide an essential layer of security that ensures payments reach the right recipient, ensuring our customers can transact with confidence.

“Combined with their Open Banking capabilities, this partnership allows us to continue offering cutting-edge financial solutions with the highest level of security and trust.”

Monavate has issued in excess of 5.5 million cards, processed more than 320 million transactions and settled £4.7 billion across 32 countries.

David Monty, chief executive officer of tell.money, added: “By integrating CoP and Open Banking, Monavate is further strengthening payment security while unlocking new possibilities for fintechs and payment providers.”

At the end of last year, tell.money formed a strategic partnership with Finland-based card issuer Enfuce to enable the delivery of PSD2-compliant services for its customers.

Tell.money was also selected by mobile money app Monese as its Open Banking gateway provider.