PayOK

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PayOK is an Australian fintech company specializing in real-time dual account validation solutions for online banking. Their API-driven Confirmation of Payee (CoP software enables banks to verify both the BSB and account number during payment initiation, significantly reducing the risk of mistaken or fraudulent transactions. By providing immediate feedback on account details, PayOK enhances customer confidence and security in online payments. Key Features and Functionality: - Seamless Integration: PayOK's API can be effortlessly incorporated into existing online banking platforms, minimizing system complexity and reducing both initial and ongoing technological expenses. - Advanced Data Security: The solution adheres to industry best practices, ensuring compliance and the highest standards of data integrity and security. - Customizable CoP Result Display: Banks have the flexibility to choose how account validation results are presented to customers, such as displaying "Correct," "Close match," or "No match," or providing a partially hashed account name. - High Performance and Reliability: With a latency of under 100 milliseconds, PayOK delivers real-time dual account validation without disrupting the payment process. - Intelligent Name Matching: The system employs sophisticated algorithms to accurately match account names, including business and trading names, reducing false negatives and providing deeper insights into account ownership. Primary Value and Problem Solved: PayOK addresses the critical issue of payment fraud and errors in the Australian banking sector. In 2021, Australians lost over $2 billion to reported scams, with email scams alone accounting for $227 million in losses. By implementing PayOK's CoP solution, banks can significantly mitigate the risks associated with payment redirection fraud and human errors, ensuring that funds are transferred to the intended beneficiaries. This not only protects consumers but also enhances trust and confidence in the banking system.