CLOWD9, a cloud-native issuer processing platform, has announced its strategic partnership with tell.money aming to revolutionise Confirmation of Payee (CoP) and open banking compliance in the UK and European markets.
As the October 2024 deadline for Group 2 Payment Service Providers (PSPs) to comply with CoP regulations approaches, CLOWD9’s collaboration with tell.money aims to provide tailored CoP and open banking compliance solutions to fintechs, Electronic Money Institutions (EMIs), and banks across the UK and EU.
Excitement Surrounding the Partnership
David Monty, founder of tell.money, expressed enthusiasm about the partnership, highlighting their pride in being selected as CLOWD9’s open ecosystem partner.
He said, “We are delighted to be selected as the open ecosystem partner for CLOWD9. It marks the start of a fantastic strategic partnership, and we are proud to see CLOWD9’s acknowledgment of our capabilities and reliability.”
Suresh Vaghjiani, CEO at CLOWD9, reiterated the importance of the collaboration, aiming to guide clients through regulatory complexities with tell.money’s expertise in CoP. He commented, “tell.money’s expertise in CoP aligns with our mission to provide straightforward, scalable payments technology to our clients. Together, we aim to guide fintechs, EMIs, and banks through regulatory complexities.”
With alarming trends in authorised push payment (APP) fraud, CoP emerges as a critical regulatory measure to combat fraud by verifying payee details before transactions are processed. tell.money’s CoP solution, tell.confirm, offers PSPs a fully managed SaaS offering to also ensure seamless compliance and mitigate fraudulent activities.
Recent data reveals alarming trends in authorised push payment (APP) fraud, with the UK witnessing a surge in reported cases. In 2023, over 116,000 cases were recorded, representing a substantial increase compared to the previous year. Additionally, approximately 207,000 APP fraud cases on personal accounts in 2022 resulted in total losses of £485.2 million.
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