Helping you make safer payments
We are making it easier for you to pay the right person
We are introducing Confirmation of Payee (CoP) a new account name checking service. When you send money to someone you have never paid before this will help you make sure your payment goes to the right place. These checks are designed to help stop payments going to the wrong account by spotting possible mistakes and adding extra security steps to prevent fraud.
This service will be available online and via telephone banking.
How does it work?
When paying someone for the first time, ensure you enter their full name, just as you would on a cheque. These details will then be checked against the details held on account for that person or business. If you have a sole trader account, please ensure you are providing your customers your own full name, rather than your business name.
There are four possible outcomes:
How does this affect me?
This service can help you avoid making accidental, misdirected payments to the wrong account holder, as well as supporting the fight against fraud.
You may need to contact the recipient to obtain the correct name held on the account.
If you have a sole trader account with St. James’s Place Bank please ensure you are providing your customers your own full name, rather than your sole trader business name.
Will every bank use Confirmation of Payee?
It will be up to individual banks and payment providers to decide how exactly to roll out Confirmation of Payee to their customers and most have indicated that they will take part.
If a receiving bank does not currently offer Confirmation of Payee then you will be advised that the account name is unable to be checked, however, you can still make the payment.
Which payments will Confirmation of Payee affect?
The service focuses on UK sterling payments made through single Faster Payments (including Standing Orders) and CHAPS payments. Faster Payments are used for most payments.