Unveiling Confirmation of Payee- Exploring the Boundaries: Understanding the Scope of Confirmation of Payee Payments
The blog delves into CoP's influence in Faster Payments, internal transfers, Bacs Direct Credit Payments, Direct Debit Payments, and Open Banking Initiated Payments, emphasising its role in enhancing transaction security. CoP's applicability to both personal and business accounts is highlighted through its meticulous name verification process. However, traditional cheque transactions, cash payments, and card-based transactions remain outside CoP's immediate scope. Looking ahead, the blog anticipates CoP's expansion to 400 more financial firms by October 2024, with plans to include corporate and aggregator access, reflecting ongoing advancements in the financial industry's pursuit of enhanced security and trustworthiness.