Confirmation of Payee overview
Confirmation of Payee (CoP) is a service used to verify the payment's payee account details with their bank or Payment Service Provider (PSP) before making a UK Faster Payment. Essentially, it acts as an "account name checking service" to help prevent payments from being accidentally sent to the wrong account or maliciously misdirected.
If the account details are confirmed, your application's end-users have greater assurance that a wire transfer payment reaches the correct recipient.
CoP helps address certain types of APP scams, by introducing another hurdle for fraudsters and gives effective warnings about the risks of sending payments to an account where the name does not match. This feature is designed to act as a fraud prevention tool, helping to partially mitigate risks associated with APP fraud by ensuring that the payee’s name matches the account information provided by the payer.
CoP is only available in the UK Faster Payments scheme.
Confirmation of Payee Results in the Payment Run
When creating a payment run, for all GBP payments, Weavr performs a CoP check and returns the results in the response payload. The results indicate whether the account name and type you provided match the actual account holder's name and account type. The CoP result is shown as Match, Close Match, or No Match."
The user with Controller role can decide whether to allow or cancel a payment run created by the user with a Creator role.
Based on the CoP results retrieved, you should enable end-users to:
- Update the payment details, or
- Proceed with the payment run, or
- Cancel the payment run
The CoP results are displayed in the Payment run authorisation UI Components.
More information how to create and authorise a payment run and can be found in our documentation.