Caxton Payments partners with tell.money to introduce CoP services

Following this announcement, the partnership is expected to integrate tell.money's Confirmation of Payee (CoP) service, a fully managed SaaS solution, to its customers and businesses, a process that will enable both firms and clients to verify account details before initiating payments. 

In addition, the development aligns with the growing industry adoption of CoP, which has also seen a big development in the daily checks run by payments organisations. Both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.

More information on the Caxton Payments x tell.money partnership

The strategic deal between the companies comes at a crucial time, as authorised push payment fraud for the first half of 2024, though declining, still reached 97,344 cases and caused personal losses of EUR 166.5 million and business losses of EUR 47.2 million. 

At the same time, the implementation also comes as the UK’s Payments Systems Regulator is currently expecting to see near ubiquity Of Confirmation of Payee (CoP) by its deadline at the end of October 2024, marking a significant milestone in payment security. The solution is expected to be available to all Caxton customers and users, a process that will allow them to verify recipient details before initiating transfers. This will reduce the risk of misdirected payments and fraud. 

The partnership will add an additional layer of verification in order to optimise the manner in which users avoid accidental misdirected payments, as well as strengthens protection against fraud. This initiative will also provide timely reassurance for both businesses that manage year-end payments and individuals that send money to family and friends, in time with the holiday season.