CoP is an industry-wide, regulated banking initiative in the UK that provides payers with additional peace of mind that payments are being sent to the right person, which is now available for you to use via Bottomline. And the best bit is, if you’re already using the PTX platform, we can integrate it into your business application in just a few days to get you up and running. Our service will:
- Confirm the existence of an account
- Verify the account holder's name directly with the owning bank
- Act as a single service for consumer and business accounts
It's perfect for account opening, refunds, invoice payments, payroll, and loan applications.
Get your verification journey started today with an initial chat from one of our team.
*PSR – PS22/3 Extending Confirmation of Payee coverage. Coverage will rise to 99% by October 2023.
Awards

FinTech Breakthrough Awards 2023
Fraud Prevention & Transaction Security Winner | Confirmation of Payee for Business Solution
Why does this service benefit me?
At the point of application or change, you can check that the account details provided are valid and belong to the person in question.
This is the cheapest point for repair for both making and collecting payments. By verifying details at application or change, you are also minimising customer dissatisfaction.

When making payouts, there is a risk of a fraudulent transaction.
You can block them at square one by verifying the account details provided for the refund are valid and belong to the applicant before making the refund payment.

When paying your employees, you will want to be sure it is them you are paying.
Verifying details upfront gives greater confidence that employees get paid on time and blocks payments going to "gangmaster" accounts where they may exploit individuals.

Late payments on invoices can have a significant impact on Days Sales Outstanding (DSO).
Check that the account details provided are valid and belong to the business to be paid prior to payment to increase your chance of getting paid on time.

HOW CAN OUR COP SERVICE HELP YOUR BUSINESS?
By adding this extra module to your existing PTX package, you'll access instant benefits when paying and collecting.

Operational cost savings
Minimise costs associated with manual checks

Improved straight-through processing
92% coverage on business and consumer accounts and growing

Greater coverage
For both business and personal accounts

Easy to implement
Accessed via an API so can be easily integrated
CoP for Business is provided by Bottomline Payment Services Ltd, who are authorized by the Financial Conduct Authority under the Payment Services Regulations for the provision of payment services with FCA registration number 616279.
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