The Payment Systems Regulator has asked Pay.UK, as the operator of the UK interbank payment schemes, to look at ways of modernising and improving the way payments are made and processed. Confirmation of Payee (CoP) is the first new service that will be introduced as part of this modernisation.
When you make a payment, you enter or provide a name, an account number and a sort code. Today, that name is not checked against the recipient’s account name, so CoP will introduce improvements by adding that check. CoP will check that the name entered in a payment instruction matches the account name of the recipient.
CoP is a way of giving you greater confidence that you are sending your payment to the intended recipient. It is, in essence, an ‘account name checking service’ that can help avoid payments being misdirected due to errors or fraud.