May 24, 2022

Payment Systems Regulator

PSR Announces Plans To Make More Financial Firms Provide Confirmation of Payee

CoP is the name-checking service designed to prevent accidentally misdirected payments and APP scams; one million payments benefit from the checking service every day. In 2019, the PSR directed the UK’s six biggest banking groups to implement the system. Since then, additional non-directed firms have voluntarily implemented the service and there are now 33 financial organisations offering CoP.  

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