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Equals (AIM:EQLS), the technology-led international payments group focused on the SME marketplace, announces that it has joined the Confirmation of Payee (‘CoP’) scheme operated for UK payments.

The CoP scheme, which is administered by Pay.UK ( https://www.wearepay.uk/), aims to reduce incidences of payments fraud and misdirected payments by enabling the name of a payment recipient (the Payee) to be checked against the bank and account details provided, before a payment is confirmed.  This provides more certainty for the sender of funds that their payment is being instructed to the correct payee.

Equals’ participation in the CoP scheme is another key component in the Group’s mission to make payments simpler and more secure for its customers.  Equals is achieving this by marrying bank-grade connections to payment networks with leading edge technological platforms, and enhanced user experience to provide its customers with rapid, secure, and easy-to-access payment solutions.  Joining the CoP scheme complements ongoing work to roll out named account details to payments and expenses customers, leveraging the Group’s connectivity to the UK’s Faster Payments network.

By enrolling with the CoP scheme, Equals becomes only the 4 ^th UK non-bank and the 15^th participant to ‘go live’ with this scheme, offering its customers an important additional layer of protection against fraud.

Ian Strafford Taylor, CEO of Equals, said: “Our decision to join the UK CoP scheme places us at the forefront of our industry and demonstrates our commitment to protecting our customers from avoidable fraud risk by providing them with a single platform that makes payments simpler yet more secure.”

 

For more information, please contact:

Equals Group plc
Ian Strafford-Taylor, CEO Richard Cooper, CFO	Tel: +44 (0) 20 7778 9308 www.equalsplc.com
Canaccord Genuity (Nominated Advisor / Broker)
Emma Gabriel / Bobbie Hilliam / Georgina McCooke Alex Aylen (Sales)	Tel: +44 (0) 20 7523 8150
Buchanan (Financial Communications)
Henry Harrison-Topham / Steph Watson / Toto Berger equals@buchanan.uk.com	Tel: +44 (0) 20 7466 5000 www.buchanan.uk.com

Notes to Editors:

Equals Group is a technology-led international payments group augmented by highly personalised service for the payment needs of SME’s whether these be FX, card payments or via Faster Payments. Founded in 2007, the Group listed on AIM in 2014 and currently employs around 250 staff across sites in London and Chester.  For more information, please visit www.equalsplc.com.