At AFD Software, we are dedicated to delivering best-in-class solutions that enhance the security and efficiency of your financial transactions. Building on the success of our modulus bank checking service, we are excited to announce that Pay.UK’s Confirmation of Payee (CoP) and Payer Name Verification (PNV) checks can now be completed via AFD’s API.
CoP is an industry-wide account name checking service for UK-based payments, developed and owned by Pay.UK the operator of the UK’s interbank retail payment systems.
It is an important tool in the fight against fraud.
The aim of the service is to reduce authorised push payment fraud as well as misdirected payments.
CoP allows a payer to check that the name (including whether that name is associated with a personal or business account) they give for a new payee is the same as the account name and type held by the payee’s payment service provider.
Pay.UK’s Confirmation of Payee (CoP) is now available from PayPoint.*
AFD Software provides back end technical solutions to enable organisations holding accounts with PayPoint to access Pay.UK’s Confirmation of Payee service before paying or receiving payments from their customers.
AFD Software has partnered with PayPoint since January 2022, with AFD providing address lookup solutions to PayPoint’s online and app-based payment processing and direct debit setup solutions.
For this new service AFD’s customers can now benefit from PayPoint’s CoP solution via their existing integrations. By holding an account with PayPoint, new customers wanting a single, managed API to validate name, address, and bank details before making a payment can now benefit from the strategic partnership.
CoP is a banking security feature that verifies the payee’s name alongside their account number and sort code during payment initiation. This added verification helps mitigate fraud and ensures payments reach the intended accounts, offering users heightened protection.
The service works by ensuring the name of the person you are paying matches the one on the account you are paying money into.
Pay.UK’s CoP delivers benefits across a wide range of UK sectors, including:
Elevate security and customer trust by verifying payee details before processing transactions.
Ensure payments for goods and services are directed to the correct accounts, minimising chargebacks and disputes.
Streamline customer payment processes, ensuring timely and accurate bill settlements.
Verify payee information for insurance claims and patient payments, reducing administrative errors.
Safeguard public funds by confirming payee details for grants, benefits, and other disbursements.
Student Loans, Grants and Bursaries can be sent to the wrong account without confirming the account holder’s name, sort code, and account number.
Pay.UK’s CoP delivers benefits across a wide range of UK sectors, including:
Verifies payee details before completing the transaction, reducing the risk of misdirected payments and fraud.
Minimises payment errors by ensuring the payee’s name matches the account details.
Enhances trust and satisfaction by providing an additional layer of security.
Streamlines the payment verification process, saving time and resources.
Helps businesses adhere to UK regulations and guidelines regarding payment security.
In the UK, financial institutions and businesses must adhere to stringent regulations to protect against payment fraud and ensure transaction accuracy.
From October 2024, all UK banks and payment service providers handling Faster Payments, BACS, and CHAPS must implement CoP (Confirmation of Payee). This mandate extends to major banks and other financial institutions offering payment services to their customers.
At AFD Software, we pride ourselves on delivering the most reliable and secure data validation solutions. Our range of contact and bank data verification solutions delivered via API are chosen by thousands of organisations due to:
Strategic partnerships with PayPoint, Royal Mail, and OS allow us to validate and verify against the best data sources via our industry-leading API and availability.
AFD’s API easily integrates with your existing systems, ensuring minimal disruption. With a range of ready-made plugins and 450 years of in-house experience, we will find the right integration for you.
Fully compliant with GDPR, our solutions anonymise data to protect your customer’s most sensitive information.
Designed to grow with your business, accommodating increasing transaction volumes.
Tired of chatbots? We are too! AFD’s solutions are backed by our dedicated support team, and yes, you can call and talk to a real person. Out-of-hours support via email and constant monitoring helps ensure assistance is ready whenever you need it.
Enhance your payment security and compliance with AFD’s enhanced bank validation solution including Confirmation of Payee.
Contact the team at AFD Software today to discuss your exact requirements.
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.