Confirmation of Payee was introduced across the UK banking industry in June 2020 to combat scammers and guard against customer errors. The technology allows banking customers to carry out a check on individual payments through their online banking by ensuring the account details entered by the sender accurately match those of the payee.
NatWest’s new API will allow its corporate customers to embed the service directly into their systems and carry out bulk checks against outbound payee details for payments made using BACS, CHAPs, and Faster Payments.
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