TransferGo has announced the expansion of its partnership with tell.money to support Open Banking and Verification of Payee.
Following this announcement, the collaboration now includes both Open Banking API compliance and the implementation of the EU Verification of Payee (VoP), a process that aims to optmise the way institutions confirm whether the name entered by a payer matches the account details provided, reducing fraud and misdirected payments.
This initiative builds on TransferGo’s earlier adoption of the UK Confirmation of Payee (CoP). Furthermore, the decision to extend services through a single provider also reflects TransferGo’s commitment to scalability, security, and simplified compliance as it focuses on further developing its footprint across the UK and the EU.
More information on TransferGo x tell.money extended partnership
According to the official press release, this expansion aims to ensure that TransferGo can continue delivering fast, secure money movement across borders, while also reducing the resource burden on internal teams. At the same time, as regulation evolves and fraud risks grow more complex, having a connected platform that was developed in order to scale with a customer’s business represents an advantage and an important step towards development.
Partnering with tell.money across CoP, VoP, and Open Banking compliance will enable TransferGo to continue to scale a global remittance solution that focuses on speed, trust, and user experience, without operational complexity. In addition, the connected platform is expected to deliver several benefits with no delays.
Furthermore, both companies will continue to prioritise the shared commitment to remove barriers to financial access and build trust with customers, as well as accelerate the development of a more inclusive, secure, and connected financial ecosystem. They will also focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
