Time flies quicker than you realise!
As the October 31st Confirmation of Payee Deadline fast approaches, simplify your COP integration and gain peace of mind by talking to our experts today. Don't risk non-compliance - the deadline will be here before you know it.

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.


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Confirmation of Payee (CoP) at TechnoXander

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)

fraud prevention

Reduces APP Fraud

CoP verifies payee’s name with the account details, lowering the risk of paying fraudulent accounts

boost customer confidence

Boosts Customer Confidence

Customers feel more secure with an extra layer of security when making payments

Mis-directed Payments

Reduces Misdirected Payments

CoP can prevent accidental payments to the wrong recipient due to typos or incorrect information

Cost Savings

Saves Costs

CoP reduces the need for PSPs to investigate and rectify fraudulent payments

Enhances Trust

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

TechnoXander CoP Requester
CoP Responders
Check Payee

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.

Security and Compliance at TechnoXander

Get started with CoP in 3 simple steps.

Step 1

Engage with TechnoXander

Engage with Us

  • Inquire about joining CoP
  • Sign NDA
  • Discuss your options

Step 2

Development at TechnoXander

Handshake With Us

  • Complete paperwork
  • Implementation discussion
  • Agree timeframe

Step 3

TechnoXander Colaboration

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. 

Open Banking Experts at TechnoXander

Experts in Open Banking

Fully complaint products at TechnoXander

Fully Complaint Products

Modern technology stack at TechnoXander

Modern Technology Stack

No white label products at TechnoXander

No White-Labelling

ISO certified products and services at TechnoXander

ISO 27001:2022 certified

Collaborative approach at TechnoXander

Collaborative Approach

Flexible Pricing models

Flexible deployment at TechnoXander

Flexible Deployment

TechnoXander is Most Influential FinTech 2024

Most Influential Fintech 2024

Frequenty asked Questions – FAQ’s

Is Confirmation of Payee (CoP) mandatory?

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.

What is the deadline for CoP compliance?

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.

What happens if we miss the deadline?

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.

How can we become compliant?

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.

Is investing in CoP is a good idea?

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.

What is the PSR’s Mandatory Reimbursement regime?

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. 

We are not a big bank. Do we need 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.

How fast can TechnoXander implement CoP?

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.

Is TechnoXander another white label provider?

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.

Can TechnoXander CoP be implemented for all payment types?

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.

Is there an alternative available for utilising the CoP check since our organisation is unable to implement an API?

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

How can Technoxander CoP help in integrating with existing systems in bank?

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.

Do I need to be worried about where TechnoXander processes the data?

Definitely not. TechnoXander does not process the data out of the UK.

Can TechnoXander demonstrate its data and information security competence?

TechnoXander is an ISO-certified company and complies with ISO 27001:2022 standards.

Can we see TechnoXander CoP in action?

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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