Pay.UK have announced that the newly launched Confirmation of Payee service is handling more than one million checks a day.
Source: Pay.UK – Confirmation of Payee requests exceed one million per day.
Confirmation of Payee is the UK’s new bank account name checking service that helps protect consumers and businesses from certain types of fraud and misdirected payments by letting them know if the account name they have entered matches the account name of the recipient.
The end of June 2020 saw a number of UK banks and building societies complete their rollout of CoP.
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 following banking groups in the UK have implemented CoP:
- Lloyds Banking Group
- Nat West Group
- HSBC Group (excluding M&S Bank)
- Nationwide Building Society
- Starling Bank (have started to introduce the service to its customers).
For more information about Confirmation of Payee click here.