Confirmation of Payee (CoP)
Benefits of CoP
The Payment Services Regulator (PSR) expects that 99% of consumer and business
accounts can now be verified via CoP. CoP is an important tool in the fight against the
rise of APP fraud (Authorised Push Payment fraud).
Outgoing Payments - Payables
Use tell.confirm to verify that bank account details provided belong to the expected named individual or business. Verification checks can be conducted individually or in batch and can be embedded via a simple API. Reduce the risk of misdirected payments.
Incoming Payments - Receivable
Use tell.confirm to ensure that the bank account details provided belong to the named business or individual. Have greater confidence that the Direct Debit is being set up by the actual account holder. Reduce the risk of DD indemnity claims.
tell.confirm can help organisations of any size to that need to set up payments for employees, temporary staff, contractors, suppliers, partners, customers or any other beneficiary. As well as help to avoid misdirected payments, increase efficiency and reduce fraud.
Get in touch today, and we'll help you to:
Determine your CoP needs and the best way of participating.
Provide you with a demo of our service to show you how quickly we can get you set up.
Talk you through our simple steps required to integrate with the tell.confirm service, and the project management support that we will provide
Wherever youʼre up to in your payee name verification journey, weʼre here to help. Whether thatʼs helping you to determine the best way forward or providing you with a solution that will ensure you get the most out of the Confirmation of Payee service.
The tell.money team has made implementing CoP services really straight forward. Their technology, together with a really supportive implementation team enabled us to implement requester and responder services quickly and effectively.
