The payment industry has evolved a lot in the past decade, where paying a person has become as easy as sending a text message. This advancement in electronic payment and introduction of peer-to-peer payment has often come with the question of whether you are paying the right person.
While the European Union introduced Payment Services Directives 2007 (PSD1) to make payments safer and secure for consumers and followed up with PSD2 in 2015 to increase competition from non-banks, there is often confusion surrounding International Bank Account Number or IBAN.
To overcome this challenge, Marcel Rienties and David-Jan Janse started SurePay as an IBAN-Name Check platform that prevents misdirected payments and fraud. Their story shows how the rise of fintech is also massively driven by innovation.
Payments made easier and personal
The idea of Surepay struck Rienties and David-Jan Janse when they were working on a new Rabobank app with the goal of improving payments. “We believed that paying your friends or a company should be as easy as chatting, calling, sharing: you tap someone’s picture or logo and initiate a payment,” says David-Jan Janse.