Introducing Confirmation of Payee (CoP)

We’re pleased to inform you that we are introducing a new functionality called Confirmation of Payee (CoP) for payments originating from your UK iFAST Global Bank account. It ensures the payee’s details are checked and matches exactly that of the recipient’s details before payment. This feature goes live on 1 March 2024.   

Confirmation of Payee (CoP) is a name checking service for payments made in the UK. It provides customers (both personal and business) greater assurance that they are sending payments to the intended recipient. This helps avoid accidental, misdirected payments to the wrong account holder. It also provides another layer of protection in the fight against fraud and scams. A payee refers to the person or business receiving the payment.  

The Continuous Payment Authority (CoP) fraud prevention system has rapidly become an essential service that customers anticipate when sending money to an unfamiliar account. 

With its proven effectiveness against fraud, over 100 companies have implemented CoP protection. CoP complete over that 1.9 million checks daily.  

Confirmation of Payee verifies the following payee account details: 

• The name on the account 

• Account number 

• Sort code 

• Account type - to confirm if it’s a personal or business account        
   

When initiating a payment, a message will display one of the following statuses: 

• Match: The details provided match on the account, and you can proceed the payment. 

• Close match: The entered name closely matches the account records. You can proceed with the payment or edit the details; however, you may not be able to get the money back if it goes to the wrong account. 

• Name does not match: The entered name does not match the account records. Please verify the recipient's details before proceeding with the payment. 

• Payee account details are invalid / Account not found: Indicates incorrect account number and/or sort code, preventing the payment from being processed. 

• Unable to carry out a CoP check: This may be due to various reasons, including lack of support for CoP checks by the recipient bank or technical issues. You can proceed with the payment, but errors may not be reversible. 
  
  

How does CoP impact incoming payments? 

It is important to provide your name, sort code, and account number to individuals making payments to you. Failure to provide accurate details may lead to payment processing issues. 

For further assistance or inquiries, please don't hesitate to contact us. Thank you for your continued trust in iFAST Global Bank. 

By implementing Confirmation of Payee (CoP), we are expecting to upgrade security, clarity, and satisfaction across our customers’ entire payment experience.