Confirmation of Payee

Complete Payment Confidence with AFD

In 2001, AFD launched its bank validation solution, “AFD BankFinder,” to help organisations check the validity of bank account data (sort code, card number, and account number) before making payments and during direct debit signups.

Coinciding with new legislation that comes into force this month, mandating all UK banks and payment service providers handling Faster Payments, BACS, and CHAPS to implement Confirmation of Payee (CoP), an enhanced version of AFD’s bank validation solution is now available. This version includes the ability to make CoP requests, meaning you don’t need to be a big bank or financial institution to benefit from this greatly enhanced bank data check.

A CoP request allows an organisation to make a real-time check with the bank to confirm that the account name, account number, and sort code they have for a payee match the information held by the payee’s bank or payment service provider.

As AFD’s enhanced bank validation solution provides real-time checks, the costs to deliver this service are higher. However, the greater assurance that payments are being sent to the intended recipient and the help it provides in preventing fraudsters from impersonating legitimate businesses or individuals make it well worthwhile.

Would your organisation benefit from greater payment confidence?
Contact Joel Miller today on 0333 433 0711 or email joel.miller@afd.co.uk to discuss your requirements.

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We serve thousands of organisations and a network of hundreds of partners across multiple industry sectors, enabling them to have full confidence in their contact data.