At obconnect, we recognised early on, back in 2019, that the true value of Confirmation of Payee (CoP) for participant banks extended beyond just digital channels. While others in the industry were focused solely on delivering CoP through digital means, we took a different approach. Through extensive investigation and research, we identified that a portal would offer the flexibility and efficiency needed to fully leverage the benefits of CoP.
When we developed a customer portal for our partner banks, our goal was clear: to provide maximum flexibility in service delivery and ensure that the benefits of CoP reached a wider audience within the banking sector.
To achieve this goal, we introduced a revolutionary approach to accessing the CoP service within banks:
- Secure Portal Access: We implemented a portal accessible through the most secure authentication methods, allowing both back-office and branch staff to use CoP effectively.
- API Integration: Our service can be seamlessly integrated into internal bank channels and systems using APIs, enabling easy access and utilisation.
- Enhanced Functionality: We augmented the portal to support API and batch-checking functionalities, facilitating remediation and bulk payment detail checks as needed.
- SSO Embedding: For added convenience, we offered the option to embed our service into Single Sign-On (SSO) environments within customer setups, ensuring effortless adoption and access.
In essence, our aim was to empower all our partner financial institutions to harness the full potential of Confirmation of Payee in the way that best suited them. With millions of checks processed, we’re confident that we’ve achieved that goal.
But we’re not resting on our laurels – stay tuned for exciting updates as we introduce additional data checks in CoP to further enhance our customers’ experience.
These are indeed exciting times, and at obconnect, we’re proud to be at the forefront of innovation in the banking industry. We may not talk about it much, but we’re committed to delivering results, one groundbreaking solution at a time.
