Don’t wait: Why you should implement Confirmation of Payee (CoP) now

Want to avoid project delays?

“In delay there lies no plenty.”

William Shakespeare, Twelfth Night

Project procrastination can affect us all

Procrastination is the act of waiting until the last minute to do those tasks that have a relatively high priority and typically require more effort than others.

Adrian Neumeyer at Tactical Project Manager argues that 90% of project delays can be avoided by you and, to avoid embarrassing delays, has developed a ten step procrastination busting strategy:

  • Set and communicate clear deadlines
  • Invest time to understand the requirements
  • Define clear roles and responsibilities
  • Meticulously (and mercilessly) track progress of tasks
  • Clarify requirements for tasks (and discuss handover)
  • Attend the most critical project meetings
  • Track availability of team members
  • Know who you need approval from (and stay in touch with approvers)
  • Are you ahead of schedule? Start with subsequent work
  • Build some contingency into your schedule

Adrian argues that project delays can be avoided – suggesting that the success of your project is largely controlled by you. Issues and small delays are common but you can do a lot to limit their damage.

“You may delay, but time will not.”

Benjamin Franklin, Poor Richard’s Almanack, published in the mid 1700’s

It pays to get started now!

In 2022 the Payment Systems Regulator (PSR) announced that a number of Payment Service Providers (PSPs) need to have implemented Confirmation of Payee (CoP) before the end of October 2023. The PSR also directed hundreds of other PSPs to implement CoP before the end of October 2024. These Directions mean that PSPs need to be able to respond to CoP requests as well as sending CoP requests to other Banks to verify the beneficiary details before initiating a payment.

What is the status of your PSPs CoP project?

Responding to the Confirmation of Payee (CoP) regulatory direction is not immune to the risk of procrastination and the challenge of project delays.

With the Group 1 October 2023 deadline fast approaching and the Group 2 deadline following just 12 short months later it really does pay to get started now!

Why now?

Confirmation of Payee (CoP) is one of the most effective measures against fraud and error. But from 31 October 2024, CoP will no longer be ‘just a great to have’, it will also be mandatory by the Payment Systems Regulator (PSR). Let’s take a look at what the benefits are for Payment Service Providers (and their customers), if they start implementing CoP as soon as possible.

As early as 2019, the PSR directed the six largest banking groups in the UK to implement the CoP system. In the meantime, over fifty other financial firms have implemented the name-check service because they have seen the benefits. But now the PSR is mandating the second group of around 400 more financial firms to provide CoP.

The PSR mandate may not be due until 31 October 2024, so why the rush?

Well, there are several reasons why you can and should start implementing your CoP instruments as soon as possible.

You need to be compliant on time

According to the PSR mandate, you need to be able to respond to CoP requests. You also need to be able to send CoP requests to other banks to verify beneficiary details, before initiating a payment.

Control when you can go live

As we move towards the autumn 2024 deadline, there is a lot of implementation work to be done. This may lead to longer waiting and implementation times with the CoP-providers.

So it really pays to start implementing your CoP system now. SurePay is ready and willing to help you get there. And, the sooner you can start enjoying the benefits of CoP for you and your customers…

What’s in it for you—and your customers?

The benefits of a seemingly ‘small’ change such as implementing CoP can be much greater than it first appears. First and foremost, CoP is there to help you meet your customers’ expectations. They expect the best security, and they need to feel secure when they pay.

CoP is a simple and efficient way to ensure that no mistakes are made. But there is more you and your customers can benefit from:

Stay in the flow with onboarding and payments

One of the most important additional benefits is that the CoP contributes to a perfect user experience (UX) and onboarding, or payment flow. Currently, verifying customer data during or after payment often requires lengthy processes—slowing down the payment process, sometimes even redirecting it to another system.

Reduce fraud

Of course (and unfortunately) some people will deliberately provide a false account number. Bank account fraud typically involves using an account belonging to a large organization, so it takes a while for the fraud to be noticed. In the meantime, the amount taken in error can add up. The fraudster is then difficult to trace.

Speak to SurePay

Implementing a CoP system is therefore not only a must because of the PSR mandate, but you can also gain a lot from it. The only thing you need to do now is to get a clear picture of your situation.

Contact SurePay, they will be happy to help you with their knowledge and expertise – Confirmation of Payee – It pays to get started now.

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