How Confirmation of Payee will work When setting up a new payment, or amending an existing one, banks will be able to check the name on the account of … It helps to protect against APP scams, which aim to trick you into authorising a payment to an account you believe is genuine – but is in fact controlled by a criminal. If you want to opt back in to the CoP service, please complete, print and post the application form to the address provided. Here’s an overview of each. The delivery timeframe for Confirmation of Payee is driven by the regulatory timeline, with phase 1 requiring completion by 31st March 2020. We’ll start using CoP from March 2020 and will stagger roll out to the relevant payment screens over the following months. Confirmation of Payee (CoP) has been introduced to help prevent fraud and payments being sent to the wrong account, keeping your money and accounts safe. Confirmation of Payee is a new service that helps protect against scams and mistaken payments, by checking the name of a payee against the name held by the payee’s bank. Confirmation of Payee Confirmation of Payee (CoP) is a way of giving end users of payment systems greater assurance that they are sending their payments to the intended recipient. Payment Systems Regulator July 2020 Page 2 Decisions on applications for exemption from the requirement to introduce Confirmation of Payee (CoP) Contents Barclays Bank UK plc and Barclays Bank plc (Barclays) Page … Match – the name on the account matches. For more information on CoP, visit UK Finance. What does Confirmation of Payee mean for me? I’ve received a ‘Partial match’ or ‘No match’ message | Barclays, I’ve received a ‘Partial match’ or ‘No match’ message | Barclays, Help to make sure my payment goes to the right person | Barclays, Will the payee name fit in the space given? Why use Confirmation of Payee? Confirmation of Payee. Once they’ve been checked, the main responses you’ll get are a match, partial match or no match. Confirmation of Payee (CoP) is an account name checking service that helps to make sure payments aren’t sent to the wrong bank or building society account. We’re increasing the size of the ‘Name’ field in the ‘Make a payment’ screens in Online Banking and the Barclays app. The ability to confirm payee information prior to initiating a payment affords the opportunity to potentially reduce misdirected payments occurring. The person or business I’m paying has a long name. An anti-fraud measure designed to help protect customers from losing hundreds of millions of pounds to bank transfer scams is set to be delayed until 30 June due to coronavirus. You can, however, request to opt out of your details being checked when other people try to pay you. Next question: 2. The name of the person or business you’re paying not matching the name held on the account, Payment requests from people you don’t know, Anyone asking you to continue with a payment when the details don’t match. How does Confirmation of Payee work? The Payment Systems Regulator has asked all the major UK banks to be ready to use the CoP name checking service over the coming months. I’ve received a ‘Partial match’ or ‘No match’ message | Barclays, Help to make sure my payment goes to the right person | Barclays, Will the payee name fit in the space given? Confirmation of Payee ‘Confirmation of Payee’ is a new service expected to be made available to Pay.UK participants during the first half of 2019. Conrmation of Payee Specic direction Payment Systems Regulator August 2019 5 194 1.8 The revised specific direction is set out in Annex 1. Will it fit in the space given? Watch our video to see how to make a payment. Some other banks will use it before then, so if someone tries to pay you, we’ll need to confirm the name they’re using is correct. Question 11 of 11 about Confirmation of Payee If I’ve opted out of Confirmation of Payee, how do I opt back in? After a few years in development, a new Confirmation of Payee (CoP) system was rolled out last month by UK banks. ! The views expressed in this article are solely those of the author and should not be attributed to the European Payments Council. The regulator's direction is to the Lloyds, Barclays, HSBC, Royal Bank of Scotland and Santander banking groups 4. Registered users of the OBIE developer portal can view further detail here – or contact their IES team representative to request access. Confirmation of Payee Confirmation of Payee (CoP) is a way of giving end users of payment systems greater assurance that they are sending their payments to the intended recipient. Bank of Scotland, Barclays, HSBC, Lloyds, NatWest, Nationwide, RBS, Santander, Ulster Bank, Monzo and Starling, will be introducing the service by 31 March 2020. Have the full name of the person or business you want to pay. | Barclays, Help to make sure people don’t have problems paying me | Barclays. Essentially, it is a ‘name checking service’ that can help avoid payments being misdirected due to errors. Confirmation of Payee already applies to any payments you receive, so remember, when sending invoices or requesting a payment: [UPDATE ENDS] In short, the CoP enables consumers to see whether the name of the person they think they are paying matches the actual name on the account. For joint accounts, you only need the first and last name of any of the account holders, Choose whether you expect to pay a personal or business account – we’ll tell you if your categorisation is incorrect, Make sure you’re confident you’re paying the correct person or business. To make a valid payment instruction, the payee will need to state the correct account name, account number and sort code. Confirmation of Payee (CoP) is a new step when you make a payment, so there are a few things you’ll need to consider. The service enables consumers, businesses and corporations to check the name of an account against the sort code and account number, providing an alert confirming whether or not the account details and account name match. Confirmation of Payee (CoP) is an account name checking service that helps to make sure payments aren’t sent to the wrong bank or building society account. The aim of the service is to reduce certain types of … You should also watch out for. What does Confirmation of Payee mean for me. PSR confirms widespread implementation of name-checking system, Confirmation of Payee 01/07/2020 As of today, there is now widespread coverage of the new fraud-prevention tool – referred to as Confirmation of Payee (CoP) – which gives people the additional protection of checking the name of who you want to pay against the account number you are paying. Today (30 June) marks the final deadline for the UK’s biggest banks to introduce Confirmation of Payee (CoP), a name-checking service for customers using online banking. There’ll be 140 characters available to capture the … CoP lets you check you have the correct name for the person or business you’re paying, which can help to protect against certain types of fraud (and helps to prevent payments going to the wrong account, too). Essentially, it is a ‘name checking service’ that can help avoid payments being misdirected due to errors. It helps customers and businesses make payments safely by checking the name on an account before a new CHAPS, Faster Payment or Standing Order is set up. We are giving a direction to Bank of Scotland plc, Barclays Bank UK plc, Barclays Bank plc, HSBC Bank plc, HSBC UK | Barclays, Help to make sure people don’t have problems paying me | Barclays. On August 2, 2019, the UK’s Payment Systems Regulator (PSR) ordered the six large national banks – Lloyds, RBS Natwest, Barclays, HSBC, Nationwide and Santander – to assure implementation of Confirmation of Payee by March 31, 2020. Confirmation of Payee is a new name checking service for UK-based payments which has now been successfully implemented by a number of UK banks, building societies and other payment service providers (PSPs). Confirmation of Payee (CoP) is a new step when you make a payment, so there are a few things you’ll need to consider. In the meantime, if you try to set up a new payment to an account with a bank that doesn’t use CoP, we’ll let you know we can’t check the account name and you can then decide if you want to go ahead with the payment or not. If you’re paying someone, you’ll need to. How do I opt back in to Confirmation of Payee? Choose whether you expect to pay a personal or business account – we’ll tell you if your … Under the direction of the payments regulator, the six largest banking groups: Barclays, Lloyds Banking Group, Royal Bank of Scotland Group, Santander, HSBC Group (excluding M&S Bank) and Nationwide Building Society must all offer Confirmation of Payee (or ‘CoP’) to protect customers when they pay someone new or edit an existing payee.

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