Confirmation of Payee (CoP)
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The deadline to implement a Confirmation of Payee (CoP) service is 31st October 2024 which is fast approaching. If you're not sure of the best way forward, then talk to us. tell.money will help you determine the best way of participating, either directly or via a PSP Aggregator (we're happy to support both models).
Fully managed SaaS solution, providing you with a simple way to meet your Confirmation of Payee needs.
Confirmation of Payee (CoP) is an account name-checking service designed to help reduce misdirected payments and provide greater confidence that payments are being sent, and collected from, the intended account holder for UK domestic payments.
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CoP allows an account name to be checked before a payment is initiated or collected. It’s an API based peer- to-peer service, without the need for central infrastructure.
Benefits of CoP
CoP is an important tool in the fight against the rise of APP fraud (Authorised Push Payment fraud). APP fraud happens when a fraudster ticks someone into sending a payment to an account outside of their control. There are more incidents of fraud than any other crime type in the UK, with App fraud accounting for 40% of fraud losses in 2022 (nearly £500 million).
Prevent Fraud
CoP has been proven to reduce Authorised Push Payment (APP) Fraud and invoice related fraud.
Reduce Mis-directed Payments
Allow an account names to be checked before
a payment is initiated or collected.
Account Holder Confidence
Provide greater confidence that payments are being sent, and collected from, the intended account holder.
Reduced Losses
Provides a deterrent to fraudsters, helping to protect PSPs and their customers from financial losses.
Features
tell.confirm is a fully managed SaaS solution, providing PSPs and Financial Institutions and their partners with a simple, effective, and fast way to meet their Confirmation of Payee obligations.
Certified to meet Pay.UK standards, the service can be configured to support ‘CoP Requester’, ‘CoP Responder’ and ‘Payer Name Verification’ services individually or as a combined package.
Prevent Fraud
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CoP has been proven to reduce Authorised Push Payment (APP) Fraud and invoice related fraud.
Support
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Dedicated project planning, implementation and support resource (including Pay.UK engagement).
Conformance
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Conformance testing via intuitive simulator and sandbox. Certification and Pay.UK acceptance testing.
Dynamic Onboarding
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Establishing and maintaining connectivity with other participants through Dynamic Client Registration.
Regulatory Reporting
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Pre-built reporting that meets Pay.UK and PSR MI Data Collection requirements
Monitoring & Support
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Full service monitoring and 24x7 out of hours support
Real time or Decoupled
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Responder service that can operate via real time integration or secure batch depending on your requirements
Matching Logic
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Simplified risk based decisioning engine providing requesters with lightning fast responses in line with agreed risk profiles
How do I participate in Confirmation of Payee?
You can participate directly, or via an Aggregator.
Direct Model
As a regulated and approved Payments Service Provider (PSP), you can participate in CoP directly, by building in-house or by partnering with an approved CoP provider such as tell.money.
Aggregator Model
Introduced by Pay.UK to provide a simpler model that should support a larger number of organisations to participate in CoP.
Under this model, an Aggregator like tell.money can provide CoP services to PSPs and corporate organisations.
Participation Model
Your fully managed SaaS CoP solution
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All of your MI and reporting requirements are built-in, so you can gain intelligence on what’s happening at any given time by simply clicking a button, saving time,
money and resources.
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Choose CoP Requester (outbound), CoP Responder (inbound), or both, with a range of configuration
options to suit your needs. Picking the service you need means you won’t have any unnecessary costs and
implementation time.
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We’ve built the Confirmation of Payee name matching service with a configurable client level risk profile, designed to meet the needs of your business, adding an extra layer of protection where
you need it most.
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Big or small, tell.confirm
can handle them all. Whether it’s real-time CoP checking or processing large batches of payments, our Confirmation of Payee service has the technical capability built in.
Haven't decided how you're
going to participate?
Talk to tell.
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.
Understand the testing and certification requirements and how tell.confirm removes the complexity.
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.
