Introduced in July 2020, Confirmation of Payee is a fraud prevention system led by Pay.UK and operated with Open Banking, which confirms the recipient’s name matches the details held by the bank. This process is designed to address both payment errors and rising incidents of Authorised Push Payment (APP) fraud, where a consumer or business gets tricked into approving a payment to a fraudster’s account.
As early adopters of CoP, LHV and The Access Bank UK Ltd will now have access to Bottomline’s CoP service for inbound and outbound payments. The new measure provides the banks’ customers with an extra layer of defence against APP fraud and greater assurance that their payments are going to the right recipient.
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