10 September 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 makes 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 and mitigate fraudulent activity for our clients and end-users.”
tell.money offers tailored 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.
-ENDS-
Notes to editors
For media inquiries and interview requests, please contact:
Tell.money
Email - david@tell.money
Website - www.tell.money/
Freemarket:
Email - press@wearefreemarket.com
Website: www.wearefreemarket.com
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.
