LHV UK launches Confirmation of Payee service

Launched in July 2020, CoP is a fraud prevention system led by Pay.UK and operated with Open Banking, which confirms the recipient’s name matches the details held by the bank. This process addresses both payment errors and rising incidents of Authorised Push Payment (‘APP’) fraud, where a consumer or a business gets tricked into approving a payment to a fraudster’s account.

CoP supports payments to UK local accounts and checks the payee details when using Faster Payment and CHAPS systems or when setting up a Standing Order. LHV UK shall implement the CoP in two stages. Currently, other participants can check the names on the Company’s customer’s accounts matches their details. More functionalities will be added in the future, and LHV UK’s customers can check payee details for outbound transactions when making a payment.

LHV UK is a banking services provider to over 200 fintech companies. Its clients vary from fintech unicorns and digital asset companies to financial institutions with a global reach. LHV UK offers several banking services, including instant EUR and GBP payments, agency banking, virtual IBANs, safeguarding accounts, multicurrency accounts, and FX.