Paynetics and tell.money announce joint implementation of Confirmation of Payee (CoP) service September 17, 2024
Sofia, Bulgaria – September – Paynetics, a leading provider of embedded finance services, is pleased to announce a strategic partnership with tell.money to implement the Confirmation of Payee (CoP) service. The collaboration ensures that Paynetics will take advantage of tell.money CoP service, allowing partners to embed financial services while staying fully CoP covered with minimal effort.
tell.money offers an easy and integrated way for partners to comply with CoP regulations, providing detailed guidelines and testing suites to ensure compliance. This seamless integration enables greater control over fraud detection, ensuring secure and reliable transactions with minimal effort. Paynetics will benefit from the CoP service provided by tell.money, gaining enhanced security and compliance capabilities enabling them to offer top-notch compliant and precise services to their customers.
“At Paynetics, the commitment to providing partners with best-in-class embedded finance services is unwavering. The collaboration with tell.money on the implementation of CoP is a testament to the dedication to innovation and compliance. With this partnership, our partners will be able to embed financial services seamlessly while staying fully CoP covered,” said Valeri Valtchev, Paynetics CEO.
“We are delighted to be working with Paynetics to deliver Confirmation of Payee and drive the open ecosystem. CoP is not just a regulatory requirement and a vital element in the toolkit of payment and fraud protection, it is also an important step on the journey towards a more open ecosystem in which innovation creates change for the better. To that end, we are proud to have been selected by Paynetics and we look forward to working with the team now and into the future.” David Monty, founder of tell.money.
About Paynetics
Paynetics is a leading provider of embedded finance solutions, enabling businesses to seamlessly integrate payments within their products. We are dual-regulated in the EU and the UK and are principal members of Mastercard, VISA, UnionPay International, SWIFT and SEPA. Paynetics offers comprehensive embedded finance solutions to its B2B and B2B2C customers safely in one place, including card acceptance and issuance, payment accounts and transfers, delivered through APIs, SDKs or full-service white labels. Our award-winning technology makes Paynetics easy to work with while offering some of the most sophisticated digital solutions based upon tokenization such as Apple Pay and Google Pay. Please find more information about Paynetics at https://www.paynetics.digital or on LinkedIn and X @PayneticsAD.
About tell.money
tell.money is a market-leading open banking SaaS platform, enabling account providers to join the ecosystem, meet their regulatory obligations and bring new open banking tools to their customers. With a wide product range including Dedicated Interface APIs, Confirmation of Payee, Test & Monitoring alongside some exciting money management tools, tell.money is the open banking partner of choice for the fintech industry. By working with banks and fintechs alike, our mission is to make financial technology a force for good by enabling a truly open ecosystem that helps our customers and partners leverage the power of open banking and payments innovation. For more information about tell.money visit https://www.tell.money.
Notes to Editors
Media contacts:
For tell.money
David Monty, Co-Founder
Tel: 44 (0)20 3143 0207
Email: david@tell.money
For Paynetics
For media enquiries, please contact paynetics@hardnumbers.co.uk
Press Contacts
David Monty
Co-Founder
44 (0)20 3143 0207
david@tell.money
Jade Tan
jade@tell.money
Freemarket selects tell.money as strategic partner for Confirmation of Payee services September 10, 2024
London, UK. Freemarket, a leading London-based fintech platform for B2B cross-border payments and currency exchange, has announced the selection of tell.money as its strategic Software-as-a-Service (SaaS) partner and provider of revolutionary Confirmation of Payee (CoP) Aggregator services.
David Monty, founder of tell.money, stated, “We are delighted to be selected by Freemarket for provision of this key service. Protecting businesses and customers from the risks of fraud and misdirected payments is an ongoing challenge, and Confirmation of Payee plays a vital role in that battle. Our suite of CoP services make this as simple and cost effective as possible, and we are excited to be working with Freemarket on this important project.”
Geoff Close, Chief Risk Officer at Freemarket, added: “We’re pleased to be working with tell.money on this strategic partnership, enabling Freemarket to meet our regulatory obligations, mitigating fraudulent activity for our clients and end-users.”
tell.money offers SaaS solutions, including Confirmation of Payee (CoP) as a service and open banking compliance solutions, catering to fintechs, Electronic Money Institutions (EMIs), and banks in the UK and EU. With the looming deadline for Group 2 Payment Service Providers (PSPs) to adhere to CoP regulations set for October 2024, the urgency for compliance solutions is rapidly escalating.
Confirmation of Payee (CoP) is an important tool in the fight against the rise of APP fraud (Authorised Push Payment fraud) by verifying payee details before processing transactions. Tell.money’s CoP solution, tell.confirm, equips PSPs with a fully managed SaaS offering encompassing implementation, accreditation, testing, monitoring, ongoing support, and reporting to ensure seamless compliance.
About tell.money
tell.money is a market leading open ecosystem platform, offering a suite of services that include Dedicated Interface APIs, Confirmation of Payee, and advanced Test & Monitoring systems. With a commitment to promoting seamless integration and regulatory compliance in the open banking ecosystem, tell.money continues to transform financial technology into a force for good.
About Freemarket
Freemarket works with businesses to accelerate their growth by giving them access to cross-border payments and currency exchange optimised for their needs. Freemarket’s platform gives you access to a global bank network and innovative technology in one place, allowing you to streamline your processes, remove complexity and increase efficiency. Freemarket’s board includes Charlotte Crosswell, former CEO of Innovate Finance and Rich Ricci, the former CEO of Barclays Investment Bank. Freemarket is authorised and regulated by the Financial Conduct Authority.
Notes to Editors
For media inquiries and interview requests, please contact:
tell.money delivers open banking solution to crypto banking platform, Colossos September 5, 2024
London, UK, September 5 2023, market-leading open banking solutions provider tell.money supports crypto banking platform, Colossos in expanding open banking capabilities to their customers by powering their PSD2 dedicated interface.
The tell.gateway solution is a cloud native API driven service, that allows for the rapid integration of PSD2 compliant APIs into any account provider (ASPSP) in the UK and beyond.
By working with Colossos, both business and personal users are able to swiftly invest into the crypto space and grow their wealth, without waiting for traditional banking processes, all within a single platform.
David Monty, CEO of tell.money says “Being able to support Colossos with their offering is key to who we are at tell.money. Enabling businesses to embrace inclusion, through innovation, all whilst being compliant and cost effective works towards technology operating as a force for good by fostering a truly open ecosystem.”
Adrien Castellani, CEO of Colossos states “Colossos is thrilled to collaborate with tell.money, driven by their unwavering reliability, profound industry knowledge, and strong responsiveness. Achieving PSD2 compliance is a crucial milestone for Colossos, and this partnership with tell.money ensures heightened security, fosters unwavering customer trust, and reinforces our commitment to stringent data protection standards and full regulatory compliance. Colossos strives to blend the worlds of crypto and online banking and is seeking reliable partners to create the most secure platform. tell.money was an ideal fit”
About Colossos
Colossos is a crypto banking platform that seamlessly integrates cryptocurrencies and euros, catering to both business and personal clients. Its mission is to democratise access to cryptocurrencies and revolutionise the banking experience for crypto investors and businesses alike.
tell.money and Moorwand Celebrate Game-Changing Partnership, Revolutionising Compliance in the Fintech Industry, Preventing Regulatory Fines December 5, 2023
tell.money’s Partnership With Moorwand Signposts The Future of PSD2 Compliance In Open Banking.
London, December 5 2023- In a landmark collaboration, tell.money, the leading provider of PSD2 compliance solutions, has joined forces with Moorwand, a progressive E-money Institution (EMI), to address one of the biggest challenges faced by regulated entities – ensuring full compliance and avoiding regulatory non-compliance consequences. David Monty, CEO of tell.money, says “The partnership showcases how EMIs can protect themselves against regulatory risks while empowering them to grow their business in the open banking landscape.”
Regulatory breaches can have dire consequences for EMIs, ranging from intrusive investigations and aggressive deadlines to severe fines, programme shutdowns, and restrictions on new business activities. Recent examples involving regulators such as the FCA in the UK, the Central Bank of Ireland, and the Bank of Lithuania, highlight the gravity of non-compliance risks faced by the industry.
To meet the compliance requirements of the Second Payment Services Directive (PSD2) for an open banking “Dedicated Interface”, and mitigate the risks associated with non-compliance, Moorwand has chosen to partner with tell.money. Says Luc Gueriane , CEO at Moorwand, “This strategic alliance not only provides Moorwand’s clients with a robust and cost-effective compliance solution, but also equips us with the necessary assurance mechanisms and regulatory reporting capabilities.”
tell.gateway, the flagship Dedicated Interface product offered by tell.money, enables clients to deploy an end-to-end PSD2 solution within weeks, or even days in some cases. tell.gateway not only offers advanced technology but also includes a comprehensive range of services crucial to Moorwand’s decision-making process.
These services, which played a vital role in Moorwand’s compliance assurance, include:
Regulatory Reporting: Automatically generating FCA REP020 data in a pre-configured FCA-friendly format, tell.gateway helps Moorwand meet its statutory reporting obligations. This ensures that Moorwand can satisfactorily fulfil the regulator’s reporting requirements and maintain compliance, thereby avoiding the risk of significant penalties, programme closure, or other regulatory consequences.
Conformance Certification: Leveraging tell.money’s TPP status and platform, Moorwand receives a thorough end-to-end audit of its open banking implementation. At the conclusion of the audit, a Certificate of Conformance is issued, providing Moorwand with a clear validation of its client’s Dedicated Interface compliance. This certification process gives Moorwand the confidence to assure its own compliance to regulators.
Without these critical services, regulated providers like Moorwand would lack the means to satisfy reporting requirements or evaluate the suitability of client implementations, leaving them vulnerable to fines, censure, and potential closure imposed by regulatory authorities.
This business protective and enabling partnership between tell.money and Moorwand sets an industry standard that others will want to emulate, ensuring that EMI providers can confidently navigate the complex landscape of regulatory compliance while offering secure and compliant payment account services to end users.
Media: For further information, hi-res logos, further images, and interview requests contact David Monty, CEO and Founder at tell.money – david@tell.money.
About Moorwand
Moorwand is a globally recognized E-money Institution (EMI), enabling businesses to issue payment accounts and deliver innovative financial solutions. They are committed to maintaining regulatory compliance by partnering with best in market providers specialising in each service within the payments ecosystem. https://www.moorwand.com/
tell.money delivers open banking solution to crypto banking platform, Colossos September 10, 2023
London, UK – In a world where Authorised Push Payment (APP) scams and misdirected payments are on the rise, tell.money is proud to offer its state-of-the-art solution that enables Payment Service Providers to comply with the Payments System Regulator’s, Specific Direction 17 on expanding the Confirmation of Payee (CoP) system.
CoP has been an invaluable tool for consumers in reducing the risk of fraudulent activities. The figures speak for themselves: according to a report from UK Finance, the rise in fraud has reached catastrophic levels, with losses increasing by a staggering 30%. In a separate report from Finextra, it was found that 69% of businesses have experienced significantly or somewhat higher losses due to fraud in 2023 alone.
Now, under Specific Direction 17, CoP will be a game-changer for businesses. The PSR has directed 400 payment service providers in the UK to implement the CoP name-checking service for their customers. This directive aims to significantly reduce Authorised Push Payment (APP) fraud and the occurrence of misdirected payments.
With the deadline for PSPs to become compliant with CoP set for October 31, tell.money is ideally positioned to support firms in meeting this deadline while helping them to reduce the risk of fraud and misdirected payments.
David Monty, founder and CEO of tell.money commented, “With the deadline approaching on the 31st of October, tell.money stands ready to assist firms in becoming compliant. We are proud to offer a customer-centric solution that ensures implementing protection against fraud and misdirected payments is no longer a burden for firms. Our goal is to make compliance easy, ensuring PSPs can seamlessly integrate into the open banking ecosystem while safeguarding the interests of their customers.”
As a key integration choice for financial services providers looking for compliance, tell.money is committed to supporting businesses and enabling account providers to seamlessly integrate into the open banking ecosystem.
David Monty further added, “tell.money is here to turn the odds in favour of businesses. Our mission is not just about compliance, but also inclusion and accessibility. That’s why our technological solution is simple to use while still being comprehensive and effective.”
Data from UK Finance mentioned in this press release can be found at www.ukfinance.org.uk/press/press-releases/government-coordinated-action-needed-fraud-losses-rise-30-cent
Finextra article available at: www.finextra.com/blogposting/24383
