Confirmation of Payee

 Industry Challenge

Authorised Push Payment (APP) fraud losses have increased to a staggering 71% during the first half of 2021 – surpassing the amount of money stolen through card fraud for the first time (UK Finance).

CoP has been live for over 18 months and so far 20+ banks have signed up, of which six were mandated, out of 1,000+ that are now in scope.

 Solution

By implementing the CoP service you can protect your customers from making payments to fraudsters or misdirected payments. The service allows the payer to check that the name on the account matches that of the account holder before the payment is initiated. If this differs, an alert will appear on the payments screen.

 Industry challenge

The top six banks that have been mandated into the CoP service control over 90% of the volumes, so if you’re not part of the scheme, your customers may question why they aren’t getting the same levels of security that’s available which may impact the reputation of your organisation.

 Solution

Being part of CoP means that you’re less likely to be contributing to the significant increase in impersonation scams and that you’re providing an additional level of security for your customers.

 Industry challenge

If your customers aren’t seeing the industry “norm” of a name validation for new beneficiaries, they may question the level of protection they’re receiving, which could lead to customers using the automated Current Account Switching Service (CASS) to move to another provider offering this service.

 Solution

CoP is very visible within the customer experience, the additional step to validate beneficiaries provides an extra layer of protection against APP fraud.

 Industry challenge

The Open Banking world is an irreversible and exciting trend globally that will open up new innovations and competition throughout the industry, starting in banking and then evolving into Open Finance.

 Solution

By implementing the CoP service from Bottomline you plug into a proven Open Banking infrastructure as a standalone service, which has an additional portfolio of Open Banking services available on-demand across real-time data and payments.