CoP for Financial Institutions & Corporate Banks
obconnect is poised to become the leading non-bank vendor in the market, with a substantial share of approximately 20% of all CoP Requests, handling an impressive volume of approximately £35 million API calls every month. Additionally, we offer a comprehensive solution in partnership with PayPoint, empowering local authorities to verify bank accounts before issuing council tax rebates.
Our cutting-edge services and extensive reach position us as the premier choice for secure and efficient payment processing solutions in the industry.
The CoP Respond solution complements the CoP Request process, enabling recipient banks to respond promptly and accurately to the verification requests initiated by the payer’s bank. When the payer’s bank seeks confirmation of the recipient’s account name, the CoP Respond system promptly provides the authentic account holder’s name. This swift and accurate response enhances transaction security, building customer trust and protecting financial institutions from potential fraud-related liabilities.
Confirmation of Payer
The Confirmation of Payer solution offered by obconnect provides an added layer of security for financial institutions and corporate banks. As part of CoP, this essential feature ensures that the account details provided by the payer match the information held by their bank. By verifying the payer’s account number and sort code, CoP helps prevent erroneous payments and safeguard customers against accidental fund transfers to incorrect recipients. This verification process significantly reduces the risks associated with misdirected payments, protecting both financial institutions and their valued customers.