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Category: Confirmation of Payee

Confirmation of Payee

Modulr becomes first non-bank or building society to launch Confirmation of Payee

Modulr is the first non-bank or building society to join the Confirmation of Payee service. Confirmation of Payee allows users to check if the payment details they’ve entered for a person or business match the details held by the recipient’s bank. This provides reassurance that payments are being sent to the right recipient and protects Modulr customers from certain types […]

Confirmation of Payee

Confirmation of Payee

This week The Guardian reported on a bit of Confirmation of Payee payment friction. A reader’s problem was explained as “spelling out the problems as banks’ name-checker rejects vital payments”. I have been unable to receive a payment I am owed because automated messages repeatedly inform the sender that the payee’s name doesn’t match the name on my account. MdW, […]

Confirmation of Payee

More than a million checks a day

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 […]

Confirmation of Payee

Widespread implementation of Confirmation of Payee

Widespread implementation of the UK’s new Confirmation of Payee (CoP) service has been announced by the payments regulator. Confirmation of Payee 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 Confirmation of Payee service is intended to […]

Confirmation of Payee

Thread: Confirmation of Payee (CoP)

In just 18 days the UK’s Confirmation of Payee (CoP) service should have been introduced by the banks who received a Direction from the Payments System Regulator (plus a few other banks that have voluntarily joined the service). Confirmation of Payee is a name checking service that helps protect consumers and businesses from certain types of fraud and misdirected payments […]

Confirmation of Payee

Confirmation of Payee – 21 days to complete implementation

Updated: 9 June 2020 A Confirmation of Payee (CoP) service is being launched in UK to help reduce fraud and misdirected payments. Confirmation of Payee 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 Confirmation of Payee […]

Confirmation of Payee

Robert, Rob, Rabbie or Bob?

Confirmation of Payee service launches in UK to help reduce fraud and misdirected payments Confirmation of Payee 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. With over two weeks of the initial roll out phase left to […]

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APP fraud losses hit £456 million in 2019 as the implementation of Confirmation of Payee is delayed

Authorised push payment (APP) fraud is soaring, in 2019 there were 122,437 APP fraud cases in the UK, with losses hitting £456 million, up from £354 million in 2018. Of particular note is the sobering fact that financial providers only returned about a quarter of losses (£116 million) to victims. UK Finance (the body that represents banks and other financial […]

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Five helpful tips for a successful Confirmation of Payee name check

Payment friction Confirmation of Payee (CoP) is an account name checking service that the UK banks are currently introducing to online banking payments. The service is intended to give businesses and consumers greater assurance that they are sending payments to the intended recipient. Confirmation of Payee is expected be an effective way of combatting Authorised Push Payment Scams (e.g. where a […]

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Confirmation of Payee 101

What is Confirmation of Payee? Confirmation of Payee (CoP) is an account name checking service that the UK banks will be introducing to online banking payments by the end of March 2020. The Confirmation of Payee service is intended to give businesses and consumers greater assurance that they are sending payments to the intended recipient. Whilst not a silver bullet, […]

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Confirmation of Payee – regulatory direction varied ahead of launch

UK Finance report that the finance industry prevented £820 million of unauthorised fraud in the first half of 2019, up 14 per cent on the previous year. Over the same period, UK Finance report that £408 million was stolen by criminals through unauthorised card, remote banking and cheque fraud and a further £208 million was lost to authorised push payment […]