Confirmation of Payee (CoP) is an account name-checking service implemented as a security measure in banking systems.
CoP is designed to help mitigate accidentally or maliciously misdirected payments, and provide greater assurance that payments are being sent, and collected from, the intended account holder for UK domestic payments.
Types of CoP checks
Outbound CoP enables entities and banks to verify the details of the payee (recipient) before sending a payment. This helps confirm that the name provided by the payer (sender) matches the account details held by the payee's bank.
Inbound CoP allows payees to verify the details of the payer. This helps organizations confirm that a received payment is coming from the intended account, thus adding an additional layer of security and trust to the transaction process.
The CoP experience in Payhawk
Payhawk provides CoP checks that affect your experience in the following cases:
Whenever employees add their GBP bank details for reimbursement.
Whenever accountants or administrators add a supplier's GBP bank details.
Whenever designated employees, according to your set workflows, confirm payment details and authorize payments in GBP.
Depending on the CoP check, the result will be any of the following:
The payment details you entered fully match the account holder's data on the bank account, and have been confirmed as correct by the payee's bank.
The payment details you entered partially match the account holder's data on the bank account. In this case, you'll have to explicitly confirm that the details are correct and that you want to proceed.
The payment details you entered do not match the account holder's data on the bank account. In this case, you'll have to explicitly confirm that the details are correct and that you want to proceed.
The account cannot be verified because its holder's name or payment details cannot be verified. In this case, you'll have to explicitly confirm that the details are correct and that you want to proceed.
The account does not exist. In this case, you won't be able to proceed.
