Preventing fraud and misdirected payments

Recently Pay.UK announced that the UK’s Confirmation of Payee (CoP) service had processed more than a billion messages. CoP provides an important tool in the ongoing fight against fraud to millions of personal and business bank account customers across the UK. The Payment Systems Regulator (PSR) published a consultation that sets out how the regulator will achieve widespread coverage of the... Continue Reading →

Be sure who you pay

It has been my privilege to join SurePay at the 2022 Building Societies Annual Conference in Liverpool. The event was a great opportunity to think about the role of building societies in ensuring that the UK’s Confirmation of Payee service delivers “safer payments through (CoP) service ubiquity” or, as SurePay put it, “be sure who you pay”. Combating payment fraud In... Continue Reading →

To CoP, or not to CoP, that is the question

In this blog we shine a light on the latest developments in the UK’s Confirmation of Payee (COP) account name checking service. How it all started… It all started with a Which? Super Complaint in 2017 demanding that banks in the UK must do more to protect its customers from Authorised Push Payment (APP) fraud.  This call to action... Continue Reading →

Confirmation of Payee Commitment

Banks committed to deliver Confirmation of Payee extended capability by end 2021 In response to a recent call for views from the Payment Systems Regulator (PSR), the SD10 firms (a group of the major banks: Lloyds Banking Group, Bank of Scotland, Barclays, HSBC, NatWest, Nationwide and Santander who were initially directed by the regulator to... Continue Reading →

Ten Confirmation of Payee ‘take aways’

It’s not a silver bullet but… It all stared with a Which? Super Complaint in 2017 demanding that banks in the UK must do more to protect its customers from Authorised Push Payment (APP) fraud. In 2020 the Confirmation of Payee (CoP) service was formally launched in UK to help reduce fraud and misdirected payments.... Continue Reading →

Confirmation of Payee Call For Views

The Payment System Regulators call for views on Phase 2 of the implementation of Confirmation of Payee (CoP) closed at the end of June. The call for views outlined the findings of the PSR's analysis of the impact of Phase 1 of CoP (following Specific Direction 10 which was served on the UK’s six biggest... Continue Reading →

Confirmation of Payee (CoP): To be or not to be?

In John Bertrand’s latest article on Confirmation of Payee he notes that banks / PSPs (Payment Service Providers) not offering Confirmation of Payee (CoP) could be aiding and abetting fraudsters. Inspired by Shakespeare, John wonders: To CoP, or not to CoP, that is the questionWhether 'tis nobler in the mind to sufferThe slings and arrows... Continue Reading →

Fraud & Confirmation of Payee

A guest blog by Bob Ford, Payments Business Analyst and SME. The Pay.UK service of Confirmation of Payee (CoP) has been established for just over a year but the life under lockdown under Covid has not abated the attempts by fraudsters to endeavour to try and scam our accounts of our money. A friend asked... Continue Reading →

Confirmation of Payee and CRM Code Consultation

The Open Banking Implementation Entity (OBIE) has published a consultation on Confirmation of Payee (CoP) and the Contingent Reimbursement Model (CRM) Code and its implications for open banking payment journeys. The OBIE welcomes stakeholder views on the CoP / CRM Consultation paper via its online Consultation Survey. OBIE have published three papers: CoP/ CRM Consultation paper... Continue Reading →

Safer payments need service ubiquity

It all stared with a Which? Super Complaint in 2017 demanding that banks in the UK must do more to protect its customers from Authorised Push Payment (APP) fraud. In 2020 the Confirmation of Payee (CoP) service was launched in UK to help reduce fraud and misdirected payments. Confirmation of Payee helps protect consumers and... Continue Reading →

Confirmation of Payee: Six month scorecard

In 2020 the Confirmation of Payee (CoP) service was 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... Continue Reading →

Confirmation of Payee

David-Jan Janse, CEO & Co-founder of SurePay speaks during EBAday 2020 about the invention of Confirmation of Payee, how it helps to protect consumers, the function of the algorithm, and where the solution has been useful across the Netherlands and UK.

Confirmation of Payee

Confirmation of Payee: Why it’s as important for your bank as it is for you. Catch the latest Payments Podcast from Bottomline where Olivia Armstrong unpacks the latest developments within the Confirmation of Payee name checking service. Does your bank have confirmation of payee in place? Whether it’s a small tick, or a logo, the fact your... Continue Reading →

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... Continue Reading →

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... Continue Reading →

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... Continue Reading →

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... Continue Reading →

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... Continue Reading →

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.... Continue Reading →

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