The new, payment beneficiary name-checking service known as Confirmation of Payee (CoP) is now enabling more than 1 million name-checking requests per day, helping to protect consumers and businesses from certain types of fraud and misdirected payments.
The end of June 2020 saw a number of UK banks and building societies complete their rollout of CoP. It means that when an individual or business sets up a new payee, or edits an existing payee’s details, they now need to provide the sort code and account number plus the account name of the individual or business they are paying. CoP-enabled banks and building societies will then let the payer know if the name they have entered matches that of the individual or business they are paying. Pay.UK has developed the rules and standards that enabled the introduction of CoP in the UK.
The service has continued to grow from the end of June and the following banking groups in the UK have implemented CoP: Barclays, Lloyds Banking Group, Royal Bank of Scotland Group, Santander, HSBC Group (excluding M&S Bank), Nationwide Building Society and Monzo. Starling Bank has also started to introduce the service to its customers.
More information about Confirmation of Payee can be found at: here