Confirmation of Payee
Confirmation of Payee (CoP) is a security measure implemented by banks. It involves the bank cross-checking the name on the account of the recipient when a user initiates a payment or a corporate / bank wants to validate an account. Verifying the account number and sort code, helps ensure that payments are directed to the correct accounts, reducing the risk of fraud and providing enhanced protection for the users.
Bank Compliance Architecture
Open Banking Compliance Architecture is for Banks that need to comply with PSD2 and have chosen the Open Banking standard to achieve this compliance. obconnect provide consultancy services and reference architecture to enable banks to build their own solution. For those who would like to accelerate or keep down cost, obconnect provide a SaaS solution whereby the Bank needs only to connect via simple APIs