Confirmation of Payee
High performance and quick response time ~100ms
End-to-end audit and reporting for transparency
Deals with complex account names
Decades of tuning - minimised false negatives and positives
Industry Leading API
Overview
Exela CoP provides an internet-facing web service, adhering to the latest specification by Pay.UK, and conforming to the security requirements of Open Banking. It fully manages both inbound and outbound requests seamlessly and aims to reduce Authorized Push Payment (APP) frauds and misdirected payments.
Enhanced Security
Acting as an additional layer for payment protection, CoP warns against sending payments to any non-verified payee account. It validates account holder’s details, reducing risk of paying wrongly, APP frauds and more.
Quick Response and Matches
Using AI and advanced matching algorithms, it tackles problems relating to name matching, such as differences in spelling, truncated names, and so on. The solution offers high efficiency and a turnaround of ~ 100ms while ensuring accuracy.
System Resilience
Cloud-based hosting of mission-critical payment services for UK banks ensures uninterrupted, fast, and reliable services. The data is backed up regularly to strategically placed servers, guaranteeing no data loss.
Integrated Reporting
To ensure transparency, the system stores all requests and responses, providing a complete audit trail. Not just for requests serviced, it stores a complete reasoning from the artificial intelligence detailing how the results were attainted.
Simple and easy onboarding to CoP Phase 2
To ensure transparency, the system stores all requests and responses, providing a complete audit trail. Not just for requests serviced, it stores a complete reasoning from the artificial intelligence detailing how the results were attainted.
Building on the success of Phase 1, Pay.UK has now progressed to a new phase of Confirmation of Payee (Phase 2). Phase 2 is to make CoP more inclusive, and it will include banks and building societies, many of which use 'Roll Numbers' rather than account numbers.
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