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EMVCO LAUNCHES EVALUATION PROGRAMME TO SUPPORT CONTACTLESS PAYMENT ACCEPTANCE ON CONSUMER MOBILE DEVICES

EMVCo Responds to Industry Need with New Early Adopter Programme for Vendors to Submit COTS Devices for Functional Evaluation Against the EMV® Contactless Interface Specification.

 

Technical body EMVCo has launched a pilot testing programme to evaluate consumer mobile devices for contactless payment acceptance. The Early Adopter Programme is open to vendors for functional evaluation of smartphones and tablets that can be used by merchants to take payments, without the need for added hardware, such as a dongle.

 

EMVCo has introduced the Early Adopter Programme to address industry requests to support merchants and acquirers that want to use commercial-off-the-shelf (COTS) consumer mobile devices to accept contactless payments.

 

The programme is an interim step in a longer-term EMVCo initiative exploring how to adapt the terminal testing programme and EMV® Contactless Specifications for COTS mobile devices in general to support the delivery of a consistent payment experience. EMVCo Associates and Subscribers, comprised of banks, vendors, and merchants, amongst others, are working with EMVCo on this effort. This includes collaboration via dedicated Special Interest Meetings (SIM), the first of which took place earlier this year.

 

“While COTS devices have limitations due to integration constraints, EMVCo believes that such devices could still provide a satisfactory user experience for some specific use cases. The goal of EMVCo’s initiative is to enable a good consumer experience when mobile devices are used for contactless payment acceptance,” explains Junya Tanaka, Chair of the EMVCo Executive Committee. “We are pleased to take the first step towards this with the Early Adopter Programme that meets merchant and acquirer needs for testing processes to support the use of COTS mobile devices.”

 

The functional evaluation processes available through the Early Adopter Programme will evaluate the performance of COTS consumer mobile devices with built-in contactless capability (with no additional hardware needed) based on current interoperability requirements related to read range and user experience needs, as outlined in the EMV® Level 1 Specifications for Payment Systems-EMV® Contactless Interface Specification, v3.0.

 

Based on these criteria, an evaluation score will be made available to the vendor after the device evaluation is completed.  Mobile vendors can then use these scores to refine their product designs and to demonstrate the performance of their devices to acquirers, merchants, payment systems and other interested parties.

 

The programme is open now to mobile vendors to submit their devices for evaluation. To participate, interested parties will need to complete the Early Adopter Programme Agreement and be approved for participationOnce approved they can submit their device(s) for evaluation by EMVCo labs.

 

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ATOM BANK CHOOSES SUREPAY TO PREVENT FRAUD AND MISDIRECTED ONLINE PAYMENTS

  • Since launching in the UK, SurePay’s Confirmation of Payee solution is checking over 25 per cent of all UK payments
  • Recent research from UK Finance found there was a significant spike in fraud in the first half of 2020, with internet banking fraud reaching almost £65m and impersonation scams reaching 15,000 cases

 

SurePay has today announced another successful implementation of it’s UK Confirmation of Payee solution for the UK’s first app-based bank, Atom bank. The Financial Technology company from the Netherlands is already responsible for checking over 95 per cent of all Dutch payments with the IBAN-Name Check and its Confirmation of Payee solution checks 25 per cent of all online payments in the UK.

According to research from UK Finance in the first-half of 2020 losses to customers of internet banking fraud jumped by 32 per cent to £64.3m, with cases doubling from the same period in 2019 to just over 21,000. Impersonation scams have also been on the rise, with more fraudsters pretending to be trusted organisations, with 15,000 cases reported.

 

Confirmation of Payee in the UK

SurePay developed a Confirmation of Payee solution to comply with all relevant UK rules and regulations. The service enables payers to verify that the payee’s name and sort code match so they can prevent transferring money to the wrong person or business, whether by intent (payment fraud) or unintentionally (misdirected payments). Second is that in an onboarding process you’re able to verify the contra account of the potential customer.

The algorithm detects and interprets subtle differences between payee details entered by the payer and the payee details officially registered at the bank. The service aims to significantly reduce the number of payments made in error, prevent fraudulent transfers and provide users with peace of mind when making a credit transfer online. Most importantly, the algorithm will not interfere with correct payments because the entered details are verified instantly and the user experience is unaffected.

In June of this year, SurePay announced its solution was being provided to NatWest Group.

 

Richard Koldewijn, Business Development Manager UK, commented: “Our mission is to make online payments personal, easy to use and even more secure. With all the things 2020 has thrown at the world, fraud has been on the rise as more people are willing to take advantage of the vulnerable. With Confirmation of Payee, we’re able to offer banks a way to help protect more people. We are excited to partner with Atom bank to help protect their customers against fraud and will continue working on further solutions for the UK and Europe.”

 

Roger Mackintosh, Head of Payments and Partnerships for Atom bank, added: “Keeping customers money safe is our top priority and we’re working tirelessly to make sure our customers have the best technology to protect them. We’re impressed with the work SurePay has done to date and the ability to implement Confirmation of Payee so quickly.”

SurePay has already performed almost 3 billion checks since 2016. In the UK SurePay has performed over 30 million checks, with more than 300,000 checks every day with sub-second response time. In the Netherlands, SurePay realised a drop in fraud and scams of 81 per cent and 67 per cent drop in misdirected payments.

 

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THE CENTRAL BANK OF IRELAND GRANTS MODULR AN EMI LICENCE

  • The European arm of Modulr has been established to provide services to customers across the European Union
  • Modulr will drive instant payments expertise into the Eurozone, to radically transform wholesale and commercial payments
  • Powering the payments infrastructure of Sage, Revolut, Mode and Iwoca, Modulr’s European ambitions are hotly anticipated by the European software businesses to enable payment capabilities for their customers

 

UK and Ireland-based FinTech Modulr has today announced it has secured an electronic money institution (EMI) licence from the Central Bank of Ireland for its Dublin-based entity, Modulr FS Europe Limited (638002), (hereafter referred to as Modulr Europe).

Modulr Europe was granted an EMI licence by the Central Bank of Ireland and plans to provide services to customers across the European Union.

Following strong business growth in the UK over the past four years, the newly granted EMI licence will enable the FinTech to offer an extensive suite of payments products, including its award-winning payments platform, through its powerful API to EU markets.

The team at Modulr also brings its significant expertise of real-time payments to SEPA Instant, the euro’s instant payments scheme. Modulr will draw on its experience of Faster Payments to unlock the potential of the new scheme by providing efficient access for European software companies, merchants, specialist banks and more.

The true potential of a digital API-led alternative to commercial payments will rely upon an agile and efficient ‘behind the scenes’ payments process, which has historically been inaccessible and unaffordable to SMEs and enterprise alike. This information comes from soon to be published research commissioned by

Modulr, which reveals contemporary insight not only into the hard cost of payment processes but the hidden impact on customer experience as well.

 

Myles Stephenson, Chief Executive, Modulr comments: “We are delighted to have been granted an EMI licence by the Central Bank of Ireland. The opportunity for a digital alternative to commercial and wholesale transaction banking is significant as software businesses across multiple industry sectors are identifying the need to deliver new functionality and efficiencies to their customers by embedding payments in customer journeys. We plan to build a truly digital, frictionless payments infrastructure for software platform partners to provide new payment experiences to more than 500m people.

“We believe that our depth of experience in digital payments and API integration makes us the perfect partner for European businesses seeking to transform the way they make, receive and manage payments. Traditional banks face clear challenges in making embedded payments a reality via developer-friendly and seamless APIs.”

 

John Irwin, General Manager, Modulr Europe comments: “The granting of the licence is a significant milestone for Modulr’s European operations in Dublin and ambitions for the European market. Our digital platform and experience can transform the payments business. For too long, European payments have relied on the same technologies.

“We look forward to automating payment flows, embedding payments within customers platforms and enabling them to focus on their core business. This will shore up the hidden inefficiencies prevalent in many payment processes today making payments a competitive advantage.”

Modulr has moved over £40bn for customers including Sage, Revolut and Paxport through its platform which has an uptime of 99.999%.

Modulr provides this scale, reliability, and premium service by investing in its own financial access and achieving principal and direct access to critical payments infrastructure where possible.

 

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