Caxton Payments Partners with tell.money to Enhance Payment Security

In its ongoing mission to combat payment fraud, Caxton Payments has joined forces with tell.money to introduce Confirmation of Payee (CoP) services, delivering a powerful new layer of security to its platform and providing heightened protection for customer funds.

This partnership arrives at a pivotal moment, as payment fraud continues to impact individuals and businesses. Despite a decline, authorised push payment (APP) fraud during the first half of 2024 still accounted for 97,344 cases, resulting in £166.5 million in personal losses and £47.2 million in business losses.

Through this collaboration, Caxton will integrate tell.money’s fully managed SaaS CoP solution, allowing both business and consumer clients to verify account details before making payments. The move aligns with the financial industry’s increasing adoption of CoP services, which are driving significant growth in daily verification checks by payment providers.

Alana Parsons, COO of Caxton states: “At Caxton, we’re dedicated to safeguarding our customers’ payments with industry-leading security enhancements, like our new confirmation-of-payee checks. This additional layer of verification helps our users avoid accidental misdirected payments and strengthens protection against fraud. Our customers’ peace of mind and the security of their funds, is at the heart of every innovation we bring to the Caxton platform.”

The implementation comes as the UK’s Payments Systems Regulator is expecting to see near ubiquity Of Confirmation of Payee by its deadline at the end of October 2024, marking a significant milestone in payment security. The service will be available to all Caxton clients, allowing them to verify recipient details before initiating transfers, thereby reducing the risk of misdirected payments and fraud.

David Monty, CEO of tell.money, says: “We’re thrilled to be working alongside Caxton on this vital project. Like us, the team at Caxon is determined to provide services that place the customer at the centre. Our CoP solution certainly delivers that peace of mind, not just for Caxton and its customers, but also for the wider ecosystem interacting with those account holders. We believe that a well functioning payments ecosystem provides the best possible outcomes for all end users, and we are delighted to be working with like-minded people at Caxton.”

As the holiday season approaches, this enhancement provides timely reassurance for both businesses managing year-end payments and individuals sending money to family and friends.