Confirmation of Payee

Confirmation of Payee (CoP) is a new way of giving customers (both personal and business) greater assurance that they are sending payments to the intended recipient, helping them to avoid making accidental, misdirected payments to the wrong account holder, as well as providing another layer of protection in the fight against fraud and scams particularly Authorised Push Payment (APP) scams.

Typically, when a customer or business sets up a new payee or amends an existing payee’s details, Confirmation of Payee will enable them to confirm whether the details they have entered match the account of the person or organisation they are paying.

Banfico CoP Features

  • Simple onboarding
  • Inbound, Outbound and Combined CoP services
  • Development environment support
  • Covers Phase 1 of CoP and will continue to evolve for future phases
  • Flexible hosting, easy to consume SaaS, on-premise or public cloud
  • Channels integration support
  • MI service, allowing extracts for Reports and Usage
  • Audit logging and management to support investigations and liability identification

Outbound Services

  • Provides confirmation of payment to the Payer before the initial payment is processed.
  • Provides greater assurance that the payment will reach it’s intended recipient, aiding reputation.
  • Protects the payer of “mis-keyed” payments and APP fraud.
  • The payer can still make a payment if the details are not confirmed, accepting liability
  • Integrates with your existing customer engagement channels.

Inbound Services

  • Provide confirmation to the Payer that they are paying the correct payee.
  • Avoid liability by properly informing the payee organisation if there is a match.
  • Aid customer reputation by providing assurance of the payee account.
  • Avoid fraudsters seeing your organisation as a “safe haven”

Delivery Timeline

Confirmation Of Payee Demo

See Banfico's Confirmation Of Payee solution in action! Please fill the information below to schedule a demo.