Seamless CoP migration: Bringing choice and efficiency to Confirmation of Payee
Some years ago, a company called Xero disrupted the accountancy software market. With a fresh approach and cloud-first mindset, they challenged legacy providers distributing software via disks and CDs. While incumbents were focused on local installations, Xero asked a bold question: How do you move customers from physical, desktop-based software to a flexible, cloud-based solution? […]
Fighting fraud with Open Banking: Why CoP and VoP are just the beginning
Fraud is a global pandemic. We’ve all heard stories – from fake Facebook Marketplace listings to scam emails convincing staff to buy Apple gift cards “on behalf” of their boss. Fraudsters don’t follow a project plan or stick to the terms of reference. They act with agility, persistence, and creativity. It’s time we accept an […]
Why Verification of Payee is essential in modern banking
In an age where digital payments are growing exponentially, so too is the risk of fraud. APP scams are global, transcending borders and the cost of those scam losses now runs in to the billions. Away from fraud, one simple error — like sending money to the wrong person — can cost individuals and businesses […]
How Consumers Can Benefit from Confirmation of Payee
Mistaken or fraudulent payments cost consumers millions every year, creating significant financial and emotional stress. In response to this growing issue, Confirmation of Payee (CoP) is emerging as a critical solution designed to safeguard individuals from these costly errors.
The Future of Confirmation of Payee in Open Banking
Explore the future of Confirmation of Payee in Open Banking. Learn how it benefits financial institutions by enhancing data security, consumer protection, and fraud prevention.
Benefits of Confirmation of Payee
To learn more about Confirmation of Payee (CoP), download our white paper here. As financial transactions grow in complexity and number, ensuring their authenticity and security becomes paramount. Here’s a deeper dive into the manifold advantages offered by the Confirmation of Payee (CoP) system: Enhanced Security With an influx of digital transactions, the associated risks […]
The Mechanics of Confirmation of Payee (CoP)
To learn more about Confirmation of Payee (CoP), download our white paper here. The Confirmation of Payee (CoP) process, while appearing straightforward at a glance, is a culmination of multiple intertwined components working in tandem to ensure the security of transactions. Here, we dissect the primary constituents of the CoP mechanism: Name Matching At the […]
Why Confirmation of Payee (CoP) matters
Confirmation of Payee (CoP) represents a crucial advancement in banking security protocols. Designed meticulously for the financial sector, its primary objective is to thwart potential misdirected or fraudulent payments. By ensuring a match between the recipient’s name and the account details provided by the payer before transaction authorisation, CoP plays a pivotal role. Its implementation […]
Unlocking the Potential of ASPSP with Apple Wallet Integration
Financial institutions are continually seeking ways to enhance their services and provide greater convenience to their customers. One innovative solution that has gained significant momentum is the integration of Apple Wallet with ASPSP (Account Servicing Payment Service Providers) platforms. This integration empowers banks to offer added value and seamless access to account information directly from […]
CoP portal by obconnect
At obconnect, we recognised early on, back in 2019, that the true value of Confirmation of Payee (CoP) for participant banks extended beyond just digital channels. While others in the industry were focused solely on delivering CoP through digital means, we took a different approach. Through extensive investigation and research, we identified that a portal […]