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Al Rayan Bank goes live with Confirmation of Payee solution from obconnect | Fintech InShorts: Latest fintech news, analysis by experts

Al Rayan Bank goes live with Confirmation of Payee solution from obconnect

BankingBusinessFinTech

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Al Rayan Bank goes live with Confirmation of Payee solution from obconnect

October 25, 2023

Al Rayan Bank, a UK subsidiary of Qatar-based Masraf Al Rayan, has partnered with Obconnect to enhance payment security and combat fraud.
The bank integrated Obconnect’s Software-as-a-Service (SaaS) CoP solution, allowing its business and premier customers to verify payment recipients’ credentials before completing transactions.
Al Rayan Bank offers Sharia-compliant commercial banking services and is regulated by both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).
In October, the PRA directed Al Rayan Bank and 31 other UK payment service providers to implement a Confirmation of Payee (CoP) system by October 2023.
This directive is an expansion of Specific Direction 10 (SD10) issued to major UK banking groups in 2019 to reduce authorized push payment (APP) fraud and misdirected payments.
The PRA prioritizes rapid CoP implementation by large financial firms to prevent APP scams.
Al Rayan Bank had a 12-month notice to comply with the PRA’s CoP requirements, leading to its partnership with Obconnect.
In January, the FCA fined the bank £4 million for inadequate anti-money laundering (AML) controls.

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