Provide peace of mind that payments are going to the correct bank or building society account.
Confirmation of Payee (CoP) is a new industry-wide response and one of the many ways the finance industry is tackling Authorised Push Payment (APP) fraud in the UK.
In a nutshell, it gives customers (both personal and business) greater assurance that they are sending payments to the intended recipient, helping to avoid making accidental, misdirected payments to the wrong account holder.
Typically, when a customer or business sets up a new payee or amends an existing payee’s details, Confirmation of Payee will enable them to confirm whether the details they have entered match the account of the person or organisation they are paying.
Remember, criminals are experts at impersonating people, businesses and the police. They spend hours researching your business for their scams, hoping you will let your guard down for just a moment.
Always follow the advice of the Take Five to Stop Fraud campaign:Stop - If you receive a request to make an urgent payment, change supplier bank details or provide financial information, take a moment to stop and think.
Our CoP system operates in the cloud. Easily integrate with your systems and remove the requirement to deploy physical devices in PSP datacentres.
Benefit from real-time and comprehensive insights that cover both incoming CoP requests and outgoing CoP responses.
Faster Payment transactions rely on the sort code and account number to reference an account held by another financial institution. Confirmation of Payee adds a layer of protection before a payment is made.
When you or your customer sets up a new payee or amends an existing payee’s details, they will be able to verify that the account belongs to the person or business they intend to pay before making the payment. This is because the bank will be able to check if the name supplied matches the one it holds for that account.
There are four main possible outcomes to the Confirmation of Payee check when a customer is making a payment:
Yes - Match
No - Close Match
No Match - Check Before Proceeding Further
Confirmation of Payee Unavailable
If you are a Bank and want to ensure your customers are protected from APP fraud and any friction to them receiving payments is removed, you will need to ensure that you can both send the Confirmation of Payee request to another Bank and also be ready to respond to any Confirmation of Payee Requests that you receive from another Bank.
allpay has developed a Confirmation of Payee Solution that:
Send requests before making a payment (CoP Out)
If you are a business and want to be able to validate bank account details before you or your customers send money to it, then allpay has a CoP Out (Send Request) capability for you to use.
