YOUR COMPLETE CONFIRMATION OF PAYEE SOLUTION

Get your complete Confirmation of Payee solution for financial and non-financial institutions alike with the experts, obconnect.

WHAT IS CONFIRMATION OF PAYEE?

Confirmation of Payee, or CoP, helps keep people, businesses, and their money safe by checking account details when a new payment is being set up. For this to occur, CoP allows participant institutions to do:

1. A CoP Request

This involves checking payee account information with another participant institution.

2. A CoP Respond

Respond to CoP requests made by other participant institutions.

THE BENEFITS

Reduces payment errors

Helps battle fraud

Adds layer of customer comfort

Confirms type of account

Prevents criminal activity

Forms part of wider Open Banking strategy

KEY COP DATES YOU NEED TO KNOW ABOUT

As mandated by the Payment Services Regulator (PSR), certain institutions must participate in Confirmation of Payee. These institutions are split into two groups.

Respond to CoP requests made by other participant institutions.

2023

Group 1, containing around 50 Payment Service Providers (PSPs), needs to have implemented CoP by 31 October 2023, as a result of their size of the complexity of the institution.

2024

Group 2, which contains the remaining 350 PSPs, needs to have implemented CoP by 31 October 2024.

YOUR COMPLETE COP IMPLEMENTATION TIMELINE

What is the timeline?

We would expect a complete CoP implementation to take around 12 weeks.

How should you prepare?

CoP requires a lot of governance work and, depending on how you choose to deliver it, a lot of technical lifting. As Pay.UK run the product you must have dialogue with them to register for CoP.

Project kick off
Registering with Pay.UK
Install to the sandbox testing environment
Complete integration testing
Receive required Pay.UK approval
Go live

HOW DOES IT WORK?

A Confirmation of Payee (CoP) Request Participant collects account information. (Account name, sort code, account number, account type, and secondary reference data.)

This is sent securely to the relevant Request Participant, who compares this to the information they hold for the accountholder.

The CoP Respond Participant then responds to the CoP:
–
Sends account status where processing is not possible.

–
Processes the request and applies matching logic to return an outcome.

The Request Participant then returns the response to the Requestor.

WHO CAN USE COP?

To be eligible to enrol in Confirmation of Payee, participants must:

Be an account holding PSP (for example, reachable by a sort code and account number)
Be regulated by the FCA or by NCAs in the Crown Dependencies (the Bailiwick of Jersey, the Bailiwick of Guernsey, and the Isle of Man)

The service is now also available to:

PSPs who do not own their own sort code in the Extended Industry Sort Code Directory (EISCD)
Organisations who offer accounts addressable by secondary reference data (SRD). (For example, building societies and other similar organisations that have roll numbers to identify customer accounts.)

EVERYTHING YOU NEED TO IMPLEMENT COP: THE COMPLETE GUIDE

For a more complete guide to Confirmation of Payee, written by experts who have a proven track record of delivering it, download our guide today. Find out:

Why the best time to get started is now
The benefits of working with a proven Open Banking provider
How to deliver all aspects of CoP well

COMPLETE COMPLIANCE.
COMPLETE OPEN BANKING.
COMPLETE COP.

obconnect is a full service Open Banking provider, created specifically to deliver a complete Open Banking solution – not one that has pivoted from one technology to this.

We take our customers from Open Banking compliance to CoP and from CoP to Open Banking compliance. That means we can deliver a single, complete source of consistently high performing technology that will allow you to deliver all the aspects of Open Banking. Not just one.

PLEASED TO BE WORKING WITH

TESTIMONIAL

We needed a high performing partner for CoP and Open Banking, to deliver a solution for our clients. obconnect.io delivered what we want, within very aggressive timescales and continue to provide a high performing, scalable technology stack. Our experience is positive, their tagline is accurate, they do deliver and they’re great to work with.

Simon Coles, CTO, PayPoint plc

READY TO GET STARTED?

Ready to get your complete Confirmation of Payee solution? Whether you’re a financial or non-financial institution, contact us today.

OBCONNECT is regulated by the UK Financial Conduct Authority under the Payment Services Regulations 2017 with Firm Reference Number 935017.