What is Confirmation of Payee (CoP)?

Confirmation of Payee is a service that is used to verify that the name of the recipient account matches the name provided by the payer during a transaction. This service helps ensure that payments are sent to the correct account, reducing the risk of misdirected payments.

When will Confirmation of Payee be introduced?

We will be introducing Confirmation of Payee on 15^th October 2024.

Will it completely stop fraud?

Unfortunately, no, but it's important to keep in mind that Confirmation of Payee is just one of a number of measures that the industry is introducing to help reduce fraud, some of which have already been implemented. By carefully analysing the Confirmation of Payee response and proceeding only after verifying the accuracy of the details, you can play a crucial role in assisting us in preventing fraud and scams.

Will my data be secure?

Indeed, payment providers will employ the Open Banking directory service and a highly secure framework to securely share requests for Confirmation of Payee. Moreover, payment providers need to pass thorough security evaluations and are overseen by the Financial Conduct Authority to gain accreditation for using the system.

What payments will Confirmation of Payee cover?

Confirmation of Payee will only apply to domestic sterling payments in the UK. Payments made in any other currencies or overseas will not be impacted by Confirmation of Payee.

Will there be any difference with how I make a payment?

Yes, going forward when making a UK domestic payment it will now be mandatory to select either Personal or Corporate for the account type. Additionally, a message will now also populate when making a payment explaining the outcome of the Confirmation of Payee check.

Do you have any questions?

Please contact us on 020 7398 9606 / 020 7397 8869 and we will be more than happy to assist you.