When you make an electronic payment you give your bank all the details, including the sort code, account number and the name of the person or organisation you are planning to pay. The sort code and account number are used to determine where the payment is sent, however banks are currently unable to check the name on the account you’re paying.
Confirmation of Payee (CoP) is a way of giving end users of payment systems greater assurance that they are sending their payments to the intended recipient. It is, in essence, an ‘account name checking service’ that can help avoid payments being misdirected due to errors.
It can also address certain types of Authorised Push Payment (APP) fraud, by introducing another hurdle for fraudsters and giving effective warnings to customers about the risks of sending to an account where the name did not match.
The CoP rules, standards and guidance are now available to ASPSPs. Banks, building societies and other payment providers who are in scope can now apply to join the Confirmation of Payee service.
To help people better understand Confirmation of Payee we have developed some Frequently Asked Questions.
How Confirmation of Payee will work
Pay.UK worked with stakeholders from across the industry during 2018 to test and validate the CoP proposition and support the technical development of the CoP solution. This consultation process included testing with Pay.UK’s End User Advisory Council and independent research.
Details of the findings and recommendations of that research and how they have been taken into account by Pay.UK in finalising the CoP proposition, rules and guidance are available in the below report.
Confirmation of Payee Report
The Confirmation of Payee rules and standards are now available and participant enrolment is open. To be eligible to enrol at this time, the following must be true:
- You are an Account Servicing Payment Service Provider (ASPSP)
- You have a sort code allocated to you with your own bank code in the EISCD
- You are an FCA registered entity
- You are registered with Open Banking*
* Please note: registering with Open Banking is a requirement, but can be undertaken in parallel with the Confirmation of Payee application process.
At this time, applications cannot be accepted from:
- Organisations whose customers are addressed via a secondary reference
(i.e. an agency PSP that does not have a sort code allocated to them with their own bank code in the EISCD)
- Organisations not registered with FCA
- Non-ASPSPs i.e. Third Party Providers (TPPs) / Payment Initiation Service Providers (PISPs)/Account Information Service Providers (AISPs)
Pay.UK will be further developing the CoP proposition in 2019 with a view to including other participants who do not fall within the acceptance criteria at this time.
Applications can be accepted from organisations who meet the criteria outlined in the ‘Next Steps’ section.
The release of documents relating to the service is subject to applicants agreeing to the Pay.UK Non-Disclosure Agreement (NDA) and signed hard copies must be received before further documentation can be issued.
Once the NDA is in place, applicants will receive the Pay.UK Confirmation of Payee Enrolment Pack, which includes the Rulebook, the Operating Guide, the Technical Guide, the Technical Specifications, the Pricing Schedule, the Terms and Conditions for Participation and the forms you’ll need to complete your application.
If you wish to enrol or if you have any questions about the Confirmation of Payee service, please complete and submit the form below and we will get back to you as soon as possible.
The information provided in this document will be used in accordance with the General Data Protection Regulation (Regulation (EU) 2016/679) and the Data Protection Act 2018.
For more information on Pay.UK’s privacy notice, please follow this link