We’ve leveraged bank-grade services like Confirmation of Payee (CoP), a name-checking service for banks introduced in 2020, to protect against Authorised Push Payment (APP) fraud and misdirected payments. This can help solve this all-too-common business pain to deliver better efficiency, security and customer experience.
Receivables teams can ensure that the bank account details provided belong to the named business or individual, giving companies greater confidence that the Direct Debit is being set up by the actual account holder. This helps to lower the risk of an indemnity claim, where the payer can claim back their payment if taken in error or without authorisation.
Payables teams can check and verify that the owner of the bank account where the funds are being paid matches those of the payee, ensuring payments are delivered swiftly and frictionlessly.
HOW CAN OUR COP SERVICE HELP YOUR BUSINESS?
Operational cost savings
Minimise costs associated with manual checks
Greater Account Coverage
99%* of real-time account coverage across consumer, corporate and business accounts.
Embed at the point account details are captured
The not-so-technical bit…
The solution is embedded at the point where account details are captured via a simple API (Application Programming Interface), whether that’s via mobile app, face-to-face, online or call centre.
Here are a few examples of where your organisation can benefit from digital account verification.
Confirmation of Payee:
New Applications for Payment Verification
CoP is an industry-wide, UK response to combat Authorised Push Payment (APP) fraud and misdirected payments. There are numerous ways businesses and consumers can be deceived into sending what they think is an authentic payment.
‘Revolutionising Account Verification’
In this webinar, we’ll talk about how collections teams can now embrace this bank-grade technology and answer questions on:
- The current challenges and limitations of manual account verification processes
- The latest advancements in account verification
- Tips on how to build your business case for CoP
Unlocking Efficiency, Security and Better Customer Experience
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.
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