SurePay becomes an independent member of Rabobank Group

SurePay becomes an independent member of Rabobank Group. SurePay was founded as a corporate start-up and offers services to make online payments more secure. In this capacity, it introduced the IBAN-Name Check (a Dutch Confirmation of Payee solution).

Growth as an independent service provider

“By becoming a private limited company, SurePay will continue to grow as an independent service provider for financial institutions, (semi-)government, and other business and organisations in both the Netherlands and Europe”, says David-Jan Janse, CEO and co-founder of SurePay, as he explains the spin out.

IBAN-Name Check as the source of success

SurePay invented the IBAN-Name Check, with which now more than 90% of all online payments in the Netherlands are checked. This vastly improved the ease of use and security of online payments for consumers and businesses alike. Additionally, SurePay’s corporate customer base has grown to over 40 companies and organisations in the Netherlands. They apply the IBAN-Name Check, directly or via partners, to detect fraudulent or misdirected payments in their business processes. In 2019, over 1 billion online payments were checked by SurePay and more than 10 million checks were performed for businesses and organisations. The company is on the brink of introducing additional innovative services to improve the security of online payments and detect fraudulent payments.

Expansion in the United Kingdom

Dorine van Basten, CCO of SurePay, says: “Due to our existing record of success in the Netherlands, we were approached by several financial institutions in the United Kingdom. As of March 2020, Confirmation of Payee will be in effect in the UK. This is a legal obligation to give end-users of payment systems greater assurance that they are sending money to the intended recipient. We have high hopes of our growth potential in the United Kingdom. As a vendor we are currently working closely with several financial institutions to implement Confirmation of Payee.”

Successful corporate start-up

Harrie Vollaard, head of Rabo Frontier Ventures, which handles Rabobank’s strategic investments, says: “Security is high on the agenda for every company and investments in fintech are still on the rise. SurePay is perfectly positioned to take advantage of this sentiment. SurePay is proof that innovations from within our own organization can grow into a successful company. It all started with a great idea, that was encouraged to grow. We’re very proud to see SurePay evolve into an independent company now.”