Friday 4th September, 2020
Bottomline Technologies has launched cloud-based Confirmation of Payee (CoP) service for UK based banks.
The new overlay service became mandated by the UK’s Payment Systems Regulator in 2020 for the six largest banking groups in the UK. Any other eligible bank or building society that may be considering CoP, because of the risks associated with payment misdirections or Authorised Push Payment (APP) fraud, can apply to Pay.UK, which owns the CoP service.
Confirmation of Payee can help eligible banks and building societies give payers greater assurance that they are sending their payments to the intended recipients. Furthermore, it helps avoid payments being accidentally or fraudulently misdirected. For any new beneficiary, the technology performs a real-time account name check against the payee account. As an overlay service, CoP can support payments made by Faster Payment, CHAPS and Bacs-originated credits.