Open Banking & Confirmation of Payee: Enhancing your customer journey.
In the first half of 2021, UK Finance reported that Authorised Push Payment (APP) fraud losses increased a staggering 71% - surpassing the amount of money stolen through card fraud for the first time in history. UK Finance have now labelled the total fraud in the UK a National Security Threat.
Confirmation of Payee (CoP), a name checking service from Pay.UK to counter APP fraud, was introduced 18 months ago with the big six banks mandated by the Payment Services Regulator (PSR). The CoP service, powered by Open Banking, is now available to a number of financial institutions including Building Societies and Credit Unions with and without HOCAs and secondary refence data.
Join Bottomline's Ed Adshead-Grant and Clive Hodges for this short session, covering:
An introduction to CoP and how the PSR are looking into mandating further.
Why APP fraud is rising and how does this impact Building Societies and Credit Unions?
How do you build your business case for CoP?
How do you get up and running on CoP?
How can you gain access to an Open Banking portfolio for customers through the same project?
This session will be followed by a live Q&A