Confirmation of Payee (CoP)
Make Your Payments with Confidence
As part of Finseta’s commitment to providing secure and reliable payment solutions, our Confirmation of Payee (CoP) service adds an extra layer of security to your transactions*. By verifying recipient details before funds are sent, CoP helps you avoid costly errors and reduce fraud, ensuring your payments reach the correct account.
*Transactions to UK beneficiaries using Faster Payment.
Why has Confirmation of Payee been Introduced
In today’s digital landscape, the security and accuracy of transactions are paramount. With CoP, Finseta gives businesses and individuals the confidence that their payments are directed to the intended recipients. This verification process mitigates the risk of common errors, such as mistyped account numbers, and helps safeguard against financial fraud.
Key Benefits of using CoP with your Finseta Account
Increased Payment Security
CoP validates recipient details to prevent payments from being sent to the wrong person.
Reduced Risk of Fraud
CoP helps protect you from scams, such as authorised push payment fraud, giving you added peace of mind.
Enhanced Accuracy
Confirming the payee’s details before completing a transfer reduces misdirected payments.
Time and Cost Savings
Preventing misdirected payments saves you time and eliminates costs associated with recalling or reversing transactions.
How does CoP Work?
Confirmation of Payee works by matching the account name entered for payment with the name registered to the account number and sort code. If the details match, you’ll receive a confirmation, giving you assurance before you proceed. If they don’t match, CoP notifies you, allowing you to stop the payment, reducing the risk of potential errors or fraud.
Payments you Send
When sending payments, CoP verifies that the recipient details match those on record. It’s as simple as entering the intended recipient’s name and account details. This verification process lets you know in real time if there’s a mismatch, protecting your funds and ensuring they go to the right place.
Payments You Receive
With CoP, the same level of security applies when you’re the recipient. By providing the correct details to the payer, you can reduce the chance of any payment discrepancies, ensuring that the funds intended for you reach your account securely and accurately.
How to use Confirmation of Payee
Enter Payee Information
Provide the recipient’s account name and number during the payment setup through the Finseta platform.
Automated CoP Verification
Finseta’s CoP service automatically checks that the account name matches the bank’s records.
Receive Real-Time Results
If the details match, youll be notified and the payment proceeds. You’ll receive a prompt to review and correct information if they don’t match.
The CoP Check Responses
You will receive one of four responses when you initiate a Confirmation of Payee check with Finseta. Each response provides guidance on the accuracy of the payee details and whether further verification is needed.
Here’s what each result means:
Exact Match
The payee’s account name exactly matches the bank records. Thus, you can proceed confidently, knowing the details are correct.
Close Match
The account name is similar but not an exact match. Minor differences, such as abbreviations or typos, may exist. Double-check with the payee to ensure accuracy.
No Match
The name does not match bank records, possibly due to incorrect payee details or a different account name. Confirm with the payee and reattempt the CoP check.
Unavailable
No response was generated, possibly due to technical issues or the bank not providing CoP information. Contact Finseta support or verify the information through other means such as calling a known contact at the recipient.
The CoP Check Responses
You will receive one of four responses when you initiate a Confirmation of Payee check with Finseta. Each response provides guidance on the accuracy of the payee details and whether further verification is needed. Here’s what each result means:
Exact Match
The payee’s account name exactly matches the bank records. Thus, you can proceed confidently, knowing the details are correct.
Close Match
The account name is similar but not an exact match. Minor differences, such as abbreviations or typos, may exist. Double-check with the payee to ensure accuracy.
No Match
The name does not match bank records, possibly due to incorrect payee details or a different account name. Confirm with the payee and reattempt the CoP check.
Unavailable
No response was generated, possibly due to technical issues or the bank not providing CoP information. Contact Finseta support or verify the information through other means such as calling a known contact at the recipient.
Your Responsibility
While CoP provides enhanced security, reviewing and verifying recipient details is an essential part of an pre-payment checks. If you have any doubts, please pause and contact us.
Contact Us
If you have questions or need assistance with Confirmation of Payee, email our support team at support@finseta.com or call us on +44 (0) 203 971 4750.
We’re here to ensure your transactions are secure and straightforward.
FAQ’s about Confirmation of Payees (CoP)
Will CoP affect the speed of my payments?
No, CoP operates in real-time, so it does not delay the payment process. You’ll receive a match response immediately, allowing you to continue your transaction as usual or stop the payment.
Does CoP protect me if I send money to an account as part of a scam?
CoP helps prevent payments to incorrect accounts but cannot identify fraudulent accounts or prevent scams. Always be cautious and verify the authenticity of any payment requests.
Will CoP check both personal and business accounts in the same way?
Yes, CoP checks are conducted the same way for personal and business accounts, verifying that the account name matches the bank’s records for both.
What happens if I ignore a mismatch warning and proceed with the payment?
If a payment is made in error, contact Finseta immediately. They may assist in recovering the funds, but please note that the response speed can impact retrieval success.
Is there a limit on the number of CoP checks I can make?
CoP checks typically have no limit, and to enhance security, they can be used for all eligible payments.
How can I check if a specific bank or account type supports CoP?
Most major UK banks support CoP, but not all account types may be eligible. If unsure, you can directly check with Finseta support or the recipient’s bank.
Can I turn off CoP if I don’t want it for my payments?
CoP is enabled by default for security. If you have specific needs, contact Finseta’s support to discuss adjustments.
Will CoP alert me if the account is associated with known fraudulent activity?
CoP does not identify fraud directly but helps by verifying recipient details. Always verify the authenticity of the payee.
Does CoP cover all payments internationally?
No, CoP only covers payments to beneficiaries in the UK.
Does CoP cover all payments types?
No, CoP only covers Faster Payments to account in the UK.
Have a Complaint?
Finseta has established an internal complaints procedure to ensure your complaint is dealt with efficiently and by the correct person. if you feel dissatisfied with any aspect of our CoP service, please contact your account manager via e-mail or telephone, or send a letter to the following address:
Finseta Payment Solutions Ltd
14-18 Copthall Avenue, London, EC2R 7DJ, United Kingdom
