obconnect, in partnership with Mutual Vision, has launched its first building society with the innovative Confirmation of Payee (CoP) aggregator model. This solution is designed to safeguard customers of building societies against fraud and misdirected payments while ensuring compliance with the Payment Services Regulator (PSR) mandate – achieved well ahead of schedule.
The CoP aggregator model marks a critical step forward in strengthening trust and security within the building society sector. As part of the initiative, obconnect’s cutting-edge solution ensures that building societies can easily adopt and integrate Confirmation of Payee services, streamlining their operations while mitigating risks associated with misdirected payments. This approach not only complies with regulatory requirements but also fosters greater customer confidence by reducing fraudulent transactions.
For more information on how obconnect can assist you with your CoP requirements, please contact our support team.
