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PSR's Confirmation of Payee goes live

Thursday 2 July 2020 10:22 CET | News

Six UK-based banking groups, covering around 90% of bank transfers, have fully implemented the Payments Systems Regulator’ Confirmation of Payee with effect from 30 June 2020.

The six banking groups participating are: Lloyds incorporating Bank of Scotland and Halifax brands; Royal Bank of Scotland, NatWest and Ulster Bank; HSBC and First Direct; Barclays, Santander and Nationwide. TSB will join its six peers in the fourth quarter of 2020. Confirmation of Payee is an important tool that will further protect banking customers from Authorised Push Payment (APP) scams. It will help consumers avoid sending payments to the wrong account or organisation.

CoP works by checking that the name of the account a payer is sending money to matches the name they have entered. Anyone setting up a payment will be alerted if the name on the recipient account does not match, is incorrect or misspelt, meaning it can be corrected before a payment is made.

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Keywords: UK, United Kingdom, PSR, Payments Systems Regulator, Confirmation of Payee, CoP, bank transfers, banking groups, Lloyds, Bank of Scotland, Halifax, Royal Bank of Scotland, NatWest, Ulster Bank, HSBC, First Direct, Barclays, Santander, Nationwide, payments, TSB, Authorised Push Payment, APP scams
Categories: Banking & Fintech | Online Payments
Countries: United Kingdom
This article is part of category

Banking & Fintech