Bottomline launches Payer Name Verification service
Financial technology provider Bottomline has launched the Payer Name Verification service, which is an expansion of Confirmation of Payee (CoP).
Pay.UK’s Payer Name Verification service will be offered through Bottomline Payments Services Limited and will assure businesses that payments are being collected from the named account holder when processing Direct Debits. Pay.UK’s Confirmation of Payee (CoP) name-checking service for UK-based payments was launched in 2020 and has been implemented by more than 80 UK banks, building societies, and other payment service providers (PSPs) according to investorsobserver.com. Payer Name Verification represents an expansion of this original service.