Make and collect payments using Bacs, Faster Payments, Direct Debit and Open Banking. Manage cash flow, invoices, remittances and protect your business from fraud.
The CoP service was introduced by Pay.UK, the organisation that runs the UK’s retail payment systems. Pay.UK is responsible for setting the rules and standards that defne how banks, building societies and other Payment Service Providers (PSPs) must implement and operate the CoP service
Bottomline’s solution is embedded at the point of capture, where customers are providing account details e.g. face-to-face, online, a mobile app or through a call centre, where verifcation can be achieved through our simple API.
By verifying payee details at the point of engagement, this offers signifcant real-time benefts, including:
This stands out over other alternative solutions where verification checks are performed at the point payments are submitted for processing, or by using static fle uploads to verify payees which increases the chance of costly remediation, a poor customer experience and potential fraud.
– Colin Swain, Bottomline’s Head of Product
Payables and Receivables teams rejoice. Thanks to the introduction of Confirmation of Payee, you can now benefit from bank-grade technology to unlock a host of benefits with digital account verification.
You may have heard of Confirmation of Payee within the banking community to combat crippling Authorised Push Payment (APP) fraud and misdirected payments. However, this challenge is wider than banks. Our research shows that 30% of businesses were impacted by fraud in the last 12 months, and only a third of losses are recovered.
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