UK innovation becomes the European standard: How CoP paved the way for VoP
The digital age has brought unprecedented speed and convenience to payments, but with it, a darker shadow: a surge of payment fraud that impacts economies around the world.
The digital age has brought unprecedented speed and convenience to payments, but with it, a darker shadow: a surge of payment fraud that impacts economies around the world.
Last year, we worked extensively with industry and the Payment Systems Regulator (PSR) to prepare for, implement, and ensure compliance with, the PSR’s authorised push payment (APP) reimbursement policy from 7 October 2024.
Since launching in 2020, Confirmation of Payee has transformed the way people in the UK make payments, offering a vital layer of protection against misdirected payments and fraud.
As global payments become faster and more complex, ensuring security and trust has never been more important.
As Europe moves toward the Single Euro Payments Area (SEPA)-wide implementation of Verification of Payee (VoP) by October 2025, payment service providers (PSPs), payment system operators (PSOs), and financial institutions across the region are looking to Pay.UK’s experience with its implementation of Confirmation of Payee in the UK, for guidance.
Our Confirmation of Payee service is an industry-wide initiative that looks to safeguard against misdirected payments and combat fraud.
Our Confirmation of Payee service is an industry-wide initiative that looks to safeguard against misdirected payments and combat fraud.
Our Programme Manager for fraud, Maria Kiero-Watson, recently discussed the challenges and opportunities faced by the payments industry in safeguarding both consumers and merchants against fraud at the FTT Payments conference in London.
Our Senior Product Owner for fraud, Rujina Eesa, recently joined a panel of fellow industry experts at the Payments Leaders’ Summit to discuss how the industry can secure payments against fraud and our Confirmation of Payee service.
Consumer Protection and Fraud in Payments’, to discuss Pay.UK’s work, and perspective, on detecting and preventing fraud in an evolving payments landscape and driving better outcomes for end users.