Pay.UK expands Confirmation of Payee to reduce fraud in the UK

We have successfully expanded our award-winning account name-checking service, Confirmation of Payee (CoP), to increase industry coverage as part of our work to mitigate and reduce instance of authorised push payment (APP) fraud in the UK. 

In our capacity as the UK’s recognised payment systems operator, we have been working extensively with the industry to support payment service providers (PSPs) in fulfilling their legal obligation to implement CoP by 31 October 2024, as per the Payment Systems Regulator’s (PSR) Specific Direction 17. We achieved this through the development of a new aggregator model, which enables PSPs, particularly those with limited technical capability, to access the service via one of 8 Pay.UK accredited technology partners. 

This new model allows PSPs to join indirectly, enables simpler onboarding, as it offers ‘one-to-many’ interaction points to allow for distributed service. The new Pay.UK Directory further complements our other fraud detection and prevention initiatives and supports PSPs in meeting their regulatory objectives and subsequently mitigating and reducing instance of APP fraud. 

Chief Business Development Officer, Kate Frankish, said: “I am delighted that we have met yet another regulatory deadline, supporting PSPs to comply with SD17 and extending the coverage of this well used name checking capability. Consumers and businesses expect to see this service when they set up a payment for the first time. Now, no matter who you bank with, the check will be provided.” 

Enabling CoP expansion is part of our wider Fraud Programme that comprises APP Reimbursement, Fraud Detection Overlay, and Enhanced Fraud Data. Collectively, these projects create a far-reaching and substantial solution to mitigating and reducing instance of payment fraud in the UK for the benefit of UK end users and businesses.