3 posts tagged with "UI Component"

As mentioned in our previous update, whenever your customers creates a GBP payment runPayment Run A list of payments created by Buyers to settle their outstanding financial obligations with their suppliers. Payment runs are typically managed by the accounts payable function within a business on a periodic basis and go through stages of creation, authorisation, funding, and execution., all Payment Service Providers using the UK Faster Payment System will need to perform a check on the payee's name to ensure it matches the account details based on the sort code and account number. This requirement aims to help prevent payments from being accidentally sent to the wrong account or maliciously misdirected. This process is known as Confirmation of PayeeConfirmation of Payee A service that automatically verifies bank account details when creating payment runs or outgoing wire transfers. For GBP payments, CoP checks return results showing Exact Match, Close Match, or No Match, including reason codes and additional information to help verify the payee details are correct. (CoP).

Starting this October, whenever your customers creates a GBP payment runPayment Run A list of payments created by Buyers to settle their outstanding financial obligations with their suppliers. Payment runs are typically managed by the accounts payable function within a business on a periodic basis and go through stages of creation, authorisation, funding, and execution., all Payment Service Providers using the UK Faster Payment System will need to perform a check on the payee's name to ensure it matches the account details based on the sort code and account number. This requirement aims to help prevent payments from being accidentally sent to the wrong account or maliciously misdirected. This process is known as Confirmation of PayeeConfirmation of Payee A service that automatically verifies bank account details when creating payment runs or outgoing wire transfers. For GBP payments, CoP checks return results showing Exact Match, Close Match, or No Match, including reason codes and additional information to help verify the payee details are correct. (CoP).

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