What is Confirmation of Payee?
Confirmation of Payee (CoP) solution is a smart account name-checking service which gives payers extra assurance that payments are going to the intended recipient
Both business and personal clients can benefit from this added layer of protection against fraud. The service is real time and quick way of checking if the payee name provided for sort code and account number actually matches the account holders name at Payee Bank.
The service works for payments being made to and from GBP accounts held at any UK bank.
Benefits
Confirmation of Payee (CoP) aims to reduce the risk of Authorised Push Payment (APP) fraud. APP fraud happens when a fraudster tricks someone into sending a payment to an account outside of their control. There are more incidents of fraud than any other crime type in the UK, with APP fraud accounting for 40% of fraud losses in 2022. The latest figures show £239.3 million was lost to APP scams in the first half of 2023. (Source: PSR)
Reduces APP Fraud
CoP verifies payee's name with the account details, lowering the risk of paying fraudulent accounts
Boosts Customer Confidence
Customers feel more secure with an extra layer of security when making payments
Reduces Misdirected Payments
CoP can prevent accidental payments to the wrong recipient due to typos or incorrect information
Saves Costs
CoP reduces the need for PSPs to investigate and rectify fraudulent payments
Enhances Trust
CoP demonstrates that banks are taking proactive steps to protect their customers from fraud & errors
Ensures Regulatory Compliance
CoP ensures compliance with PSR regulations, helping PSPs avoid potential fines or penalties
Introducing TechnoXander CoP Solution
TechnoXander CoP solution is a fully managed SaaS solution, providing PSPs and Financial Institutions with a simple, secure and effective to meet their Confirmation of Payee obligations. Compliant with Pay.UK requirements and it can be easily deployed with minimal impact on underlying infrastructure. The solution consists of 2 modules: Requester and Responder Module.
CoP Requester Module
The Requester Module allows you to request name verification results for new payees added by your customers via Online Banking or Mobile Banking
CoP Responder Module
The Responder Module allows you to respond to name verification requests with matching results for customer accounts held at your institution
Features
- Conforms to Pay.UK specifications
- Ready for Aggregator model
- Zero impact on underlying infrastructure
- API driven, payment type agnostic solution
- Dynamic Client Onboarding
- Sandbox support
- SaaS or native implementation
- Easy Integration with Online and Mobile banking solution
- Real-Time analytics from user dashboard
- Enhanced Reporting Capabilities to meet Pay.UK requirements
- Flexible Pricing models, No entry barriers
Security and Compliance
Security and compliance are paramount considerations and are always our top priority. We understand the critical importance of safeguarding sensitive data & ensuring adherence to regulatory requirements.
Robust Security Measures
Our solution integrates robust security protocols to safeguard sensitive data, mitigating the risks of unauthorised access and cyber threats.
Adherence to Regulatory Standards
We prioritize compliance with industry regulations and standards, ensuring that your operations meet legal requirements and industry best practices.
Comprehensive Approach
Our approach encompasses encryption, access controls, regular audits, and continuous monitoring to identify and address vulnerabilities proactively.
Peace of Mind
With our solution, you can have peace of mind knowing that your data is handled securely and that your operations remain compliant with relevant regulations.
Get started with CoP in 3 simple steps.
Step 1
Engage with Us
- Inquire about joining CoP
- Sign NDA
- Discuss your options
Step 2
Handshake With Us
- Complete paperwork
- Implementation discussion
- Agree timeframe
Step 3
Ready And Go
- Become CoP Responder
- Become CoP Requester
- Prevent APP Fraud
Unveiling Our Global Network
As we journey across borders and cultures, we forge new connections, new partnerships, deepen existing relationships, and pioneer opportunities for growth.
Why Choose us?
Our products are compliant with regulatory requirements and are built on modern technology stack. We do not do white-labelling and so, have full control on the roadmap of our products making it easier to implement regulatory changes in products as the ecosystem evolves.
Experts in Open Banking
Fully Complaint Products
Modern Technology Stack
No White-Labelling
ISO 27001:2022 certified
Collaborative Approach
Flexible Pricing models
Flexible Deployment
TechnoXander is Most Influential FinTech 2024
Frequenty asked Questions – FAQ’s
Any organisation that processes account-to-account payments, such as banks, building societies and third party payment providers, will need to be able to support CoP checks by the October 31st deadline. This includes responding to CoP queries from other financial institutions.
All relevant financial institutions must have the ability to process CoP requests and respond to queries from other institutions by October 31st 2024. This is the date from which CoP checks will become mandatory on many payments across the UK banking industry.
Financial institutions that have not implemented the required CoP processes and systems by the deadline may be non-compliant with regulatory requirements. They risk penalties, fines or even limitations on certain payment activities until capability is proved. It is important to have a solution in place to avoid any business disruption.
We recommend speaking to an expert payments provider who can help assess your requirements and integrate a proven CoP service. An outsourced solution is often the simplest way to ensure quick and full compliance without heavy investment of internal resources.
Confirmation of Payee reduces the chances of payments being accidentally or deliberately misdirected. This means less APP fraud, increased customer confidence and less time spent by your teams investing in fraud.
From October 7th 2024, PSPs must reimburse consumers who have fallen victim to an APP scam when using Faster Payments. The reimbursement will be split 50:50 between sending and receiving PSPs. Thus it becomes all the more important for PSP’s to implement CoP.
Big banks are implementing CoP solutions to protect their customers from APP Fraud. The fraudsters are now targeting smaller players and push fraud is moving to the periphery. Implementing CoP will ensure that your institution does not become a fraudster’s target for push fraud.
TechnoXander can implement the CoP solution the very next day. In our experience, the timeframe for implementation primarily hinges on the customer’s capacity to carry out and test the process.
TechnoXander CoP is not a white-label solution. We are not rebranding and reselling. We have built our solution which means our experts know what sits in each component. We control builds and releases for a quick turnaround in the next phases.
TechnoXander’s CoP solution is API driven payment type agnostic solution. It can be used to check details for any new or modified payee for any payment type.
Absolutely, no problem there. TechnoXander’s CoP solution is available with other alternate ways to implement apart from API. Your organisation can opt to implement either of the below options:
- Data file upload
- Secure File Transfer
- Database Integration
TechnoXander CoP has a minimum footprint with easy-to-integrate API’s for integration with online banking and mobile banking service.
TechnoXander CoP supports real-time and batch integration with core banking for inbound name-checking giving you a choice in implementation and minimising the impact on existing systems.
TechnoXander CoP architecture and module-based approach enables quick and easy integration.
Definitely not. TechnoXander does not process the data out of the UK.
TechnoXander is an ISO-certified company and complies with ISO 27001:2022 standards.
TechnoXander CoP is ready to meet and greet you. Please Contact Us to request a demo and arrange 1-1 chat with our experts.
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