Unique Partnership Between Rabobank, FRISS Untaps Value of IBAN-Name Check for Insurers to Reduce Fraud
Insurance companies can now also use the IBAN-Name Check, an innovative service that checks whether the name and the IBAN number match. To this end, Rabobank SurePay has entered into a cooperation agreement with FRISS, the worldwide provider of fraud and risk solutions for the P&C insurance industry.
"The IBAN-Name Check allows insurers to check bank details before they pay out a claim for damages", says
FRISS has developed a leading platform for this that, on the basis of Artificial Intelligence (AI), provides risk scores for each incoming policy application or claim. The platform is now being used by numerous insurance companies around the world. Via the software platform of FRISS, insurers can add the IBAN-Name Check as an extra verification step.
"Thanks to linking SurePay to the acceptance and claims process of insurers, FRISS is now able to identify payment fraud at IBAN level", says
The IBAN-Name Check has been developed by SurePay, a corporate start-up of
The collaboration with FRISS is an example of how technological innovations in the banking sector can help the insurance industry. The IBAN-Name Check allows insurers to get an even better picture of their payment transactions in order to prevent fraud.
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