Exela Technologies Unveils New Payment Detection and Verification System

Exela Technologies (NASDAQ:XELA) unveiled its new Confirmation of Payee (COP) solution at FinovateEurope 2019 conference.

The company said that its solution helps detect fraud, verify and secure payment processing and the confidentiality of payment details.

As quoted in the press release:

Exela CoP was created in response to customer feedback stemming from the rise of real-time payments (“RTP”) in the U.S. and Europe. Pay.Uk, the UK payments authority, proposed a CoP-type solution in 2018 as a means of fighting fraud and erroneous payments, with the goal of giving end-users of payment systems increased assurance that their payments are sent to the intended recipient. Exela works with over 120 global banks, all whom place emphasis on improving customer experience and payment integrity to combat an increasingly fraudulent payment environment.

Exela CoP brings vital value-add functionality to Exela’s Banking and Financial Services Suite (“BFSS”). By integrating CoP, Exela’s banking partners are helping their end-customers reduce exposure to phishing, impersonation or CEO fraud. Now, instead of requiring a banking associate to research, refund, and redirect a payment accidentally sent to the wrong recipient, the BFSS platform can stop an erroneous transaction from occurring before it happens.

“We are excited about the expansion of our global banking solution with the launch of Exela CoP at FinovateEurope. We believe this conference is a great place to demonstrate our unique, highly secure payment solution technology,” said Vitalie Robu, President, EMEA, Exela Technologies. “Our team will continue to explore new technology-enabled solutions to improve the lives of our customers, and work with global financial institutions to automate their business processes.”

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