SmarterPay, the independent payment solutions provider for businesses, has today announced its partnership with Tink, A Visa Solution, a market-leading open banking platform.
Tink is providing its Account Check product, which enhances SmarterPay’s Secure Signup Direct Debit set-up process.
Account Check uses open banking-powered account information services (AIS) to verify bank account details and ownership. When setting up a Direct Debit online, consumers are automatically redirected to their online bank account to log in and securely verify their identity.
This means that only the bank account owner can set up a Direct Debit; on top of that, using details direct from the customer’s bank account removes the chance of errors, such as transposing a digit during manual input.
Phil Chilvers, Chief Commercial Officer at SmarterPay, said: “SmarterPay Secure Signup has been designed specifically to help our customers protect their business, implementing more controls over the collections process and helping to prevent this type of Direct Debit fraud.
“We’re delighted to have partnered with Tink, one of the market leaders in the open banking industry.”
SmarterPay’s Direct Debit Management solution customers can access SmarterPay Secure Signup as a simple add-on; deploying it gives themselves and their own Direct Debit customers peace of mind through the best available protection against account takeover fraud.