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?
The answer? A migration tool.
Xero’s decision to build a seamless data migration feature for competitors’ ledgers and records was, in hindsight, a masterstroke. It allowed new users to adopt the platform without starting from scratch. Fast forward a few years, and their market share speaks for itself.
So why bring up Xero in a conversation about Confirmation of Payee (CoP)? Because the same principles apply.
The state of CoP today
Since the launch of CoP in 2019, over 400 UK banks and building societies have selected a vendor and gone live. However, as with any technology rollout, not every implementation goes to plan.
Performance concerns, cost structures, or evolving organisational needs may lead some institutions to reconsider their CoP supplier. At obconnect, we’ve seen this firsthand, and we’ve helped clients navigate this change.
Enter the obconnect CoP migration service
Switching providers can feel daunting. That’s why we’ve developed a proprietary migration tool designed to seamlessly transition CoP services from your existing supplier to obconnect – often within a matter of weeks.
In fact, we’ve completed a full migration in as little as five working weeks, with minimal internal effort required from the client. It’s a fast, efficient, and low-risk solution to help organisations regain control of their CoP operations.
Built for simplicity and assurance
Our approach is not just about technology – it’s grounded in solid governance. obconnect offers a fully compliant model that enables your organisation to reestablish its Confirmation of Payee service quickly, without disruption to your customers or compliance posture.
In a landscape where trust and efficiency are paramount, this makes a tangible difference.
Why choice matters
We believe that every financial institution deserves the best terms for the most effective software. Whether you’re a challenger bank, a building society, or a high-volume payment provider, you should be free to choose a CoP partner that aligns with your goals.
obconnect champions this choice. With transparent pricing, proven delivery, and a track record of excellence, we make it easier than ever to switch – and to save.
Final thoughts
Choosing the right CoP partner isn’t just about compliance – it’s about confidence. Whether you’re exploring better value, enhanced performance, or a more agile support model, migration doesn’t need to be painful.
With obconnect, it’s not.
