BELLIN Introduces Unique QR Code Fraud Protection Feature

The GTB Hub app Verify-Your-Supplier feature with its integrated supplier platform is a digital and independent verification tool that enables users to store, maintain and verify account data. It represents a targeted approach to payment fraud and helps curtail damaging schemes such as payment diversion. This has now been enhanced with the option of scanning QR codes to verify that communicated details are genuine. The app supports all the most common QR code formats, including GiroCode, EPC or APC, as well as a dedicated BELLIN format. This enables users to scan any code worldwide. What’s more, the functionality represents a digital solution for the “QR-bills” to be implemented in 2020 as part of the Swiss payment migration to ISO 20022. “Being able to independently verify account details has given people peace-of-mind. We’re now making their security even more effortless”, explains Miroslav Sokolovic, Senior Manager GTB Services.

About GTB Hub

GTB Hub is a global transaction banking app that forms part of BELLIN’s GTB Services portfolio. It gives users access to all the information they need for their global transaction banking needs in one place. This includes access to a comprehensive, worldwide directory of banks with both basic branch information and BICs, national IDs and standard settlement instructions (SSIs), powered by SWIFTRef Data. In addition, users have the option of rating their banking partners or consulting their peers’ reviews. They can also follow specific banks. In addition, the Verify-Your-Supplier feature has stepped up the game on fraud prevention by providing an independent verification tool for bank master data.