What Is Confirmation Of Payee?(CoP)
Confirmation of Payee (CoP) is a fraud prevention service designed to enhance the security of bank payments by verifying the recipient’s name before transactions are completed.
This proactive measure helps prevent payment errors and fraudulent activities, ensuring funds reach the intended recipient. CoP is part of the UK’s response to rising payment fraud and misdirected payments. The Payment Systems Regulator’s mandatory reimbursement scheme imposes more responsibility on the sender and receiver banks for fraud losses. Having CoP in place, among other solutions, will help safeguard from liability.
Why Is CoP Essential For Your Institution?
Fraud Prevention
Protect against Authorised Push Payment (APP) fraud, one of the most significant threats to organisations and consumers.
Regulatory Compliance
Ensure compliance with Pay.UK specifications, enhancing trust and transparency in your payment processes.
Reduced Payment Errors
Minimise the risk of sending payments to incorrect recipients, saving time and resources on transaction corrections.
Enhanced Customer Trust
Build customer confidence by demonstrating a commitment to secure, accurate, and reliable payment processing.
Why Bottomline?
As a market leading Confirmation of Payee solution provider, we offer capabilities that set us apart:
100% Compliant with Pay.UK Specifications
Our CoP solution meets all regulatory requirements, providing total peace of mind.
Comprehensive Payee and Payer Name Verification
Avoid misdirected payments with robust verification capabilities that check both payee and payer names.
Simple & Seamless Integration
With REST APIs, integrating our CoP service into your existing processes is fast and straightforward.
User Interface for Single and Bulk Checks
Use our intuitive interface for both individual and high-volume checks, providing flexibility tailored to your needs.
Secure Matching Algorithm
Our low-friction matching algorithm enhances the accuracy of verifications while maintaining security standards.
Fast Onboarding
Benefit from our dedicated project managers who facilitate rapid onboarding and provide continuous support throughout the process.
24/7 Availability and Support
Enjoy around-the-clock service and support to ensure your payment operations are always running smoothly.
Operational Excellence and Domain Expertise
Leverage decades of industry knowledge and expertise that make Bottomline the trusted choice for CoP.
Scalable and Flexible Solutions
Our CoP service is designed to grow with your business, adapting to changing needs and volumes.
