Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA) and
Co-operative Bank today announced an expansion to their existing
partnership to deploy Exela’s Confirmation of Payee (CoP) platform,
an account name verification service as proposed by Pay.UK.
The service provides an additional layer of security for
customer transactions, ensuring that the money is sent to the
intended bank account. In addition, it will complement Exela’s
recently announced Request to Pay (RtP) solution, which enables
consumers to electronically receive payment requests, view bills,
and make real-time bill payments—all in one place.
This additional layer of verification uses sophisticated
algorithms and Open Banking, which enables financial information
sharing and automating payment through an Application Programming
Interface (API), to check that the payer’s account name matches the
‘payee’ account details.
This service provides the payer with additional protection by
detecting fraud and accidental payment errors. The solution
leverages Exela Technologies’ CoP platform, which is currently
processing over five million verification requests a day for
hundreds of banks and is built using Exela’s modern data analytics
and workflow platforms. In addition to protecting payers against
fraud and errors, CoP makes the back-office payment exceptions
process more efficient and improves the end-to-end customer
experience.
“The security of our customers is of paramount importance to us
and we’re pleased to provide our customers with further confidence
when making online payments,” said Maria Cearns, Managing Director
of Current Accounts and Savings, Co-operative Bank. “We will
continue to focus on providing quality service for our customers
and it’s great we can use innovative solutions like this to help us
deliver on our customer commitments.”
Exela Technologies first partnered with the Co-operative Bank in
2017 to help it to become the first bank to fully roll-out the new
Image Clearing System (ICS), which is the government sponsored
digitization of cheques initiative. The Co-operative Bank utilizes
Exela’s hosted ICS platform with a full suite of capture services,
including branch, bulk and postal payments channels as well as
exceptions processing and fraud.
“Both ICS and CoP services leverage Exela’s 40 years of
experience in payments,” said Vitalie Robu, President, EMEA. “For
over two decades Exela has been providing banks across EMEA with
similar CoP platforms and our data scientists are now bringing
their knowledge and expertise to fine-tune CoP for the UK
market.”
Serving as part of Pay.UK’s ‘world-class’ New Payments
Architecture (NPA) program, CoP and RtP both function as core
overlay services in the future development of the UK’s shared
retail payment infrastructure. The goal of the program is to unlock
new opportunities in payments and encourage competitive innovation
in the market.
About The Co-operative Bank The Co-operative
Bank plc provides a full range of banking products and services to
retail and SME (Small and Medium Sized Enterprises) customers and
is committed to values and ethics in line with the principles of
the co-operative movement.
The Co-operative Bank is the only high street bank with a
customer-led ethical policy which gives customers a say in how
their money is used. Launched in 1992, the Policy has been updated
on five occasions, with new commitments added in January 2015 to
cover how the Bank operates its business, products and services,
workplace and culture, relationships with suppliers and other
stakeholders and campaigning.
About Exela TechnologiesExela is a business
process automation (BPA) leader, leveraging a global footprint and
proprietary technology to provide digital transformation solutions
enhancing quality, productivity, and end-user experience. With
decades of experience operating mission-critical processes, Exela
serves a growing roster of more than 4,000 customers throughout 50
countries, including over 60% of the Fortune® 100. With
foundational technologies spanning information management, workflow
automation, and integrated communications, Exela’s software and
services include multi-industry department solution suites
addressing finance and accounting, human capital management, and
legal management, as well as industry-specific solutions for
banking, healthcare, insurance, and public sectors. Through
cloud-enabled platforms, built on a configurable stack of
automation modules, and over 22,000 employees operating in 23
countries, Exela rapidly deploys integrated technology and
operations as an end-to-end digital journey partner.
Forward-Looking Statements: Certain
statements included in this press release are not historical facts
but are forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. Forward-looking statements generally are accompanied by words
such as “may”, “should”, “would”, “plan”, “intend”, “anticipate”,
“believe”, “estimate”, “predict”, “potential”, “seem”, “seek”,
“continue”, “future”, “will”, “expect”, “outlook” or other similar
words, phrases or expressions. These forward-looking statements
include statements regarding our industry, future events, the
estimated or anticipated future results and benefits of the
Business Combination, future opportunities for the combined
company, and other statements that are not historical facts. These
statements are based on the current expectations of Exela
management and are not predictions of actual performance. These
statements are subject to a number of risks and uncertainties,
including without limitation those discussed under the heading
“Risk Factors” in Exela’s most recently filed Annual Report on
Form-10-K filed with the Securities and Exchange Commission. In
addition, forward-looking statements provide Exela’s expectations,
plans or forecasts of future events and views as of the date of
this communication. Exela anticipates that subsequent events and
developments will cause Exela’s assessments to change. These
forward-looking statements should not be relied upon as
representing Exela’s assessments as of any date subsequent to the
date of this press release.
Find out more at www.exelatech.com.Follow Exela on
LinkedIn: https://www.linkedin.com/company/exela-technologies/Follow
Exela on Twitter: https://twitter.com/exelatech
Media Contact: Kevin McLaughlin
E: kevin.mclaughlin@icrinc.com
T: 646-277-1234
Investor Contact: William Maina
E: IR@exelatech.com T:
646-277-1236
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