Confirmation of Payee

Introduction

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 PSPs and potential CoP solution suppliers. Banks, building societies, and other payment providers will be able to roll out Confirmation of Payee during 2019 as a way for their customers to check the name of who they are paying.

How Confirmation of Payee will work

Stakeholder Engagement

We have worked with stakeholders from across the industry throughout 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

 

Next Steps

Further engagement regarding the CoP guidance will be undertaken during Q4 2018 to further refine recommendations around common terminology and language. It is envisaged that this guidance will continue to develop organically in line with users’ experience as CoP is introduced to the market.

For further information regarding Confirmation of Payee, or to arrange a one-to-one meeting with the project team, please contact npaenquiries@wearepay.uk.