Confirmation of Payee:
Ensuring payment accuracy & security

Confirmation of Payee (CoP) empowers finance teams with the tools they need to verify account details with accuracy and precision.

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Easily cross-reference account names, sort-codes and account numbers, with immediate alerts to confirm if bank account details match, or not.

Seamlessly integrated into your payment operations, you can rest assured that your payments reach their intended recipients.

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The benefits of Confirmation of Payee

Prevent fraud & error

Drive efficiency

Stay compliant

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Confirmation of Payee acts a powerful defence mechanism against fraud.

It helps you identify phishing and app fraud, ensuring that fraudulent attempts are caught before payments are processed.

By integrating Confirmation of Payee into your processes, you protect your financial security and reputation.

Pair it with Payment Screening and Sanctions Screening for a multi-layered approach to fraud prevention.

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Ensure account accuracy when onboarding new payroll and supplier beneficiaries, and prevent erroneous payments being made.

Streamline the verification process with bulk Confirmation of Payee checks, eliminating the reliance on bank portals, and saving you significant time across your full payment verification process.

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Ensure compliance by streamlining data cleansing for KYC and AML requirements.

Confirmation of Payee’s capacity to handle large volumes of beneficiary data reduces the time spent on this process, whilst ensuring a more accurate outcome.

Our bulk checking capability offers a more efficient, and compliant approach which is recognised and approved by regulators.

Protecting you against APP Fraud & Payment Errors

Confirmation of Payee is a core feature within our Fraud & Error Prevention Suite, and is also available as a standalone service, giving you full flexibility to add Confirmation of Payee checks across your full payment process.

You can easily perform individual or bulk Confirmation of Payee checks as little or as often as you need. Confirmation of Payee acts as your shield against the threat of APP fraud and helps you identify errors in your payment files, ensuring the accuracy and security of your payments.

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Ensure Know Your Customer (KYC) & AML compliance

For financial institutions legally obligated to perform Know your Customer (KYC) checks and adhere to Anti-Money Laundering (AML) regulations, integrating Confirmation of Payee checks into your payment operations platform ensures you meet these regulatory standards.

Confirmation of Payee is your simplified path to compliance.

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The rise of authorised push payment (APP) fraud has become a significant concern for businesses across the UK and beyond. In fact, according to UK Finance ‘more than £500 million was stolen via APP fraud from businesses in 2022 alone.’