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 […]
What Are TPPs in Open Banking?
Discover the role of Third-Party Providers (TPPs) in open banking. Learn how TPPs innovate financial services by facilitating secure data sharing and enabling new banking solutions.
Open Banking Explained: Everything You Need to Know
Learn about open banking and its transformative impact on the financial industry. Explore how open banking fosters innovation, competition, and greater consumer control over financial data.
Bank Account Verification: What It Is and How It Works
Whether you’re a business processing payments or an individual initiating transactions, verifying the authenticity of bank account details is essential to mitigate risks and prevent errors. This is where bank account verification comes into play. In this detailed guide, we’ll dive into the concept of bank account verification, exploring what it entails and how it […]
What is Open Banking? The Series
Explore the transformative power of Open Banking in our series, highlighting its role in enhancing financial accessibility for the underserved. Discover how, in the last month alone, over 150,000 users have embraced Open Banking with obconnect and Paypoint plc for a seamless transaction experience, marking the beginning of a new era in banking inclusivity.
What is Confirmation of Payee (CoP) and How Does it Work?
Explore the concept of Confirmation of Payee (CoP) and its role in securing payments. Learn how CoP works to verify payee details and prevent fraudulent transactions.