Question 1 of 11 about Confirmation of Payee
What is Confirmation of Payee?
Confirmation of Payee (CoP) is an account name checking service that helps to make sure payments aren’t sent to the wrong bank or building society account.
It helps customers and businesses make payments safely by checking the name on an account before a new CHAPS, Faster Payment or Standing Order is set up. It can’t be used for BACS payments, including Direct Debits, at the moment.
We’ll start using CoP from March 2020 and will stagger roll out to the relevant payment screens over the following months. Some other banks will use it before then, so if someone tries to pay you, we’ll need to confirm the name they’re using is correct.
CoP is one of the many ways the finance industry is tackling fraud. To help keep your money safe, it’s important to make sure your information is up to date and you have the full name of the person or business you want to pay. You should also watch out for
- The name of the person or business you’re paying not matching the name held on the account
- Pressure to make a payment
- Changes to account details
- Payment requests from people you don’t know
- Anyone asking you to continue with a payment when the details don’t match
Watch our video to see how to make a payment.