Confirmation of Payee (CoP)
Ensuring your payments reach the right account
With the rise of online banking and digital transactions, the risk of misdirected payments and fraud has also increased. That’s why we’ve introduced Confirmation of Payee (CoP) to give you peace of mind by verifying the account details of the person or business you are paying.
When you set up a new payee, CoP checks the provided account details against the registered details of the recipient. This verification process helps to confirm that the account details match the intended recipient, reducing the risk of errors and fraud. Whether you are making a one-time payment or setting up a recurring transaction, CoP ensures that your money goes to the right place.
Confirmation of Payee helps to:
- Reduce fraud: By verifying that payments are sent to the correct account, minimising the risk of fraudulent transactions.
- Increase accuracy: Ensuring that the account details match the intended recipient, CoP reduces the likelihood of errors.
- Give you peace of mind: With CoP in place, you can always be sure that your payments are going to the right place, providing you with confidence and security.
Our CoP service is easy to use and integrates seamlessly with your existing payment processes. Whether you are a business making regular payments to suppliers or an individual sending money to family and friends, CoP helps to safeguard your transactions.
How CoP works
When you add a new UK/GBP payee (including Jersey, Guernsey, and the Isle of Man), CoP checks the provided account details and responds with one of the following:
- Match: The account details are correct, and the payee can be created.
- Partial Match: The details are similar but not an exact match. You can choose to update the details or accept the risk and continue.
- No Match: The details do not match. You will need to check the account details with the person you’re paying and correct the information before proceeding.
Additional responses
- Cannot Verify: The account cannot be verified due to various reasons such as the payee opting out of CoP checks, or the account being switched to another institution.
- CoP Not Available: If there is an issue with the CoP system, you will be prompted to try again later.
- Account Reference Required: Some accounts need an additional reference for verification. Ensure you provide this to proceed.
Frequently Asked Questions (FAQs)
What is Confirmation of Payee (CoP)?
CoP is a service that checks the account details you provide when setting up a new payee to ensure they match the intended recipient’s registered details. This helps prevent misdirected payments and reduces the risk of fraud.
How does CoP work?
When you add a new UK/GBP payee (including Jersey, Guernsey, and the Isle of Man), CoP checks the provided account details (sort code, account number, account type, and payee name) and responds with a match, partial match, or no match. This helps you verify the accuracy of the details before proceeding with the payment.
What happens if there is a match?
If the account details match the registered details of the person or business, you can proceed with confidence knowing the payee can be created in our system.
What should I do if there is a partial match?
A partial match means the details are similar but not an exact match. You will see the correct details and can choose to update them or accept the risk and continue. If you continue without updating, you accept the risk that the payment may go to the wrong account.
What does it mean if there is no match?
No match indicates that the account details provided do not match the registered details. You will need to verify and correct the information before proceeding.
What are the additional responses I might see?
Cannot Verify: The account cannot be verified due to reasons such as the payee opting out of CoP checks, the account being switched to another institution, or the account not being supported by CoP.
CoP Not Available: If there is an issue with the CoP system, you will be prompted to try again later
Account Reference Required: Some accounts need an additional reference for verification. Ensure you provide this to proceed.
Can I import beneficiaries from my accounting system?
Yes, clients using accounting systems can import beneficiaries directly into our platform. All imported UK/GBP beneficiaries will undergo CoP checks to ensure accuracy.
Why should I use CoP?
Using CoP helps reduce fraud, increase accuracy, and provide peace of mind by ensuring that your payments are sent to the correct account.
What should I do if I encounter issues with CoP?
If you encounter any issues, such as a system problem or an unrecognised account reference, please double-check the account details with the person or business you are trying to add as a payee. If the issue persists, contact our support team for assistance.
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