Confirmation of Payee overview

What is a Confirmation of Payee?

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) is a service used to verify the account details of a payment beneficiaryBeneficiary A trusted recipient for payments that includes both information about the business or individual as well as their bank account or instrument details. When using trusted beneficiaries, customers may be allowed to skip Strong Customer Authentication (SCA) when executing Outgoing Wire Transfer or Send transactions, reducing the number of approval steps required. (payee) with their bank or Payment Service ProviderPSP Payment Service Provider - a regulated financial institution (such as a bank or e-money institution) that provides payment services like holding accounts, issuing cards, or executing transfers. PSPs are referenced as the holders of external accounts in features such as Linked Accounts, Confirmation of Payee, and Verification of Payee. (PSPPSP Payment Service Provider - a regulated financial institution (such as a bank or e-money institution) that provides payment services like holding accounts, issuing cards, or executing transfers. PSPs are referenced as the holders of external accounts in features such as Linked Accounts, Confirmation of Payee, and Verification of Payee.) 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 end-users have greater assurance that a wire transferWire Transfer A transaction that moves funds between accounts. An incoming wire transfer moves funds from a third-party bank account to a Weavr managed account, while an outgoing wire transfer moves funds from a Weavr managed account to a third-party bank account. Wire transfers require the managed account to have an assigned IBAN (for EUR) or sort code and account number (for GBP). payment reaches the correct account.

CoP helps address certain types of APP scams by introducing another hurdle for fraudsters and giving effective warnings about the risks of sending payments to an account where the name does not match. The feature acts 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 for UK-domiciled accounts that use the UK domestic payment scheme of Faster PaymentsFaster Payments The UK domestic real-time payment scheme (run by Pay.UK) used to clear GBP wire transfers between UK bank accounts in seconds. GBP managed accounts settle incoming and outgoing wire transfers via Faster Payments, and our [Confirmation of Payee](/transactions/owt/cop/overview) checks run over this scheme..

Feature for programs that support wire transfers

The 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. feature is currently relevant if your program supports wire transfersWire Transfer A transaction that moves funds between accounts. An incoming wire transfer moves funds from a third-party bank account to a Weavr managed account, while an outgoing wire transfer moves funds from a Weavr managed account to a third-party bank account. Wire transfers require the managed account to have an assigned IBAN (for EUR) or sort code and account number (for GBP)., with Identities that hold GBP Managed AccountsManaged Account An account held at a financial institution that can be created and managed through the Weavr platform. Each account has a balance where customers can hold funds. Optionally, an IBAN can be assigned to enable wire transfers to bank accounts outside of Weavr. for use with Managed CardsManaged Card A payment card (virtual or physical) that can be created and managed through the Weavr platform. Cards can operate in prepaid mode (with their own balance) or debit mode (linked to a managed account). All cards must be assigned to a card assignee who is an Authorised User..

If your embedded finance program supports Outgoing Wire TransfersWire Transfer A transaction that moves funds between accounts. An incoming wire transfer moves funds from a third-party bank account to a Weavr managed account, while an outgoing wire transfer moves funds from a Weavr managed account to a third-party bank account. Wire transfers require the managed account to have an assigned IBAN (for EUR) or sort code and account number (for GBP). (OWTsOWT Outgoing Wire Transfer - a transaction that moves funds from a Weavr managed account to a bank account held at a third-party financial institution. OWTs require the managed account to have an assigned IBAN and the user to complete Strong Customer Authentication.) in GBP to third parties:

• You can decide whether to allow or cancel an OWTOWT Outgoing Wire Transfer - a transaction that moves funds from a Weavr managed account to a bank account held at a third-party financial institution. OWTs require the managed account to have an assigned IBAN and the user to complete Strong Customer Authentication. created by your end-users.
• For any OWTsOWT Outgoing Wire Transfer - a transaction that moves funds from a Weavr managed account to a bank account held at a third-party financial institution. OWTs require the managed account to have an assigned IBAN and the user to complete Strong Customer Authentication. you approve, you are required to display the CoP result to your end-users before they confirm the payment.

When creating an OWTOWT Outgoing Wire Transfer - a transaction that moves funds from a Weavr managed account to a bank account held at a third-party financial institution. OWTs require the managed account to have an assigned IBAN and the user to complete Strong Customer Authentication. in GBP using a BeneficiaryBeneficiary A trusted recipient for payments that includes both information about the business or individual as well as their bank account or instrument details. When using trusted beneficiaries, customers may be allowed to skip Strong Customer Authentication (SCA) when executing Outgoing Wire Transfer or Send transactions, reducing the number of approval steps required. ID or the one-time payment flow, we perform a CoP check and return 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 shows as Match, Close Match or No Match.

Based on the CoP results retrieved, Identities should be given the option to either:

• Cancel the payment so that it cannot be completed, or
• Proceed with the payment by confirming the OWTOWT Outgoing Wire Transfer - a transaction that moves funds from a Weavr managed account to a bank account held at a third-party financial institution. OWTs require the managed account to have an assigned IBAN and the user to complete Strong Customer Authentication. created.

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In case you pass the results to the End User, check the Design recommendations here.

Refer to our step-by-step guide to create an Outgoing Wire Transfer with a Confirmation of Payee check.