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