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Q:

What is Confirmation of Payee?

A:

Confirmation of Payee (CoP) is a banking industry change aimed at improving online security and giving you greater confidence that you’re sending your payment to the intended recipient.

It’s an account name checking service that will help avoid payments being misdirected due to errors or fraud.

Here's how it will work

When someone sets up a new single UK sterling payment, they'll be asked to provide some extra details about who they're paying. Their bank will then immediately check that these details match.

CoP is coming into effect as of now and while all UK banks will be introducing it, they may do so at different times. So it’s important that you take some steps now to make sure future payments aren’t delayed.

Single and bulk payments that are imported into Bankline are not in scope for name checking.

What do I need to do?

When receiving any single UK Faster Payment and CHAPS sterling payments:

  • As well as your sort code and account number, make sure you provide your business name to the payer as it appears on your account. You must provide your full business name accurately otherwise the payer will receive either no matches or close matches.
  • Make sure any parts of your business that deal with payment-related customer queries are aware of CoP and can provide the correct details to payment originators.

When making any single UK Faster Payment and CHAPS sterling payments: 

  • If you’re creating a new beneficiary or amending one in Bankline, make sure you have the correct name of the account you’re making the payment to.
  • Review any beneficiary details you've stored in Bankline to check that the details you already have are correct. Pay particular attention to those where you haven’t made a payment for a while.
  • You’ll also need to specify whether the payment is being sent to a personal or business account.

When CoP is introduced for payments in Bankline, we will have lengthened the character field to 140 characters for the beneficiary’s name. At that point, we recommend you update the single domestic payment templates that you use less often with:

  • Full beneficiary name (as registered to the account)
  • Beneficiary account type (business or personal)

This is so you can keep using these templates and avoid any delays.

For more information, please visit our Confirmation of Payee page for businesses.

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