Securing payments with CoP

We all can agree to have been overly concerned with online payments - double checking and ensuring if the details are accurate before transactions, or being worried of online scams. As per the UK Finance report, an estimated £376.5 million were lost in e-commerce fraud on cards alone in 2020 - which grew from £139.6 in 2011 and crossed £300 in 2016.

Total losses due to authorised push payment (APP) scams increased to £355.3 million in the first half of 2021, up by 71 per cent compared to the same period in 2020. These numbers are shocking and have been a matter of concern for everyone.

Digital payments are undoubtedly powerful and instant, but they certainly require additional advanced safety features and caution. The gap to fill this uncertainty and make payments safer - validation of details needs to be accurate.

A service to verify bank account details - Confirmation of Payee (CoP)

CoP is a service that verifies the payee's bank account details before sending payments. It acts as an additional layer of payment protection and warns against sending payments to any non-verified payee account. These validations reduce the risk of payments to the wrong account holder, payment investigations and adjustment costs, fraud losses, and more.

It provides greater assurance - through validating bank details, helping them avoid making accidental, misdirected payments to the wrong account. In addition, it intends to provide an additional layer of protection in the fight against fraud, particularly Authorised Push Payment (APP) scams.

As a customer or business, whether you are setting up a new payee or amending an existing payee's details, CoP will confirm whether the provided details match the person or organisation's account.

Exela CoP is an internet-facing web service, adhering to the latest specification by Pay.UK, and conforming to the security requirements of Open Banking - a solution that can assist you in securing payments.