The Payment Systems Regulator (PSR) has published the finalised version of its Specific Direction 10 (confirmation of payee), by means of which it requires members of the UK’s six largest banking groups to fully implement confirmation of payee (CoP) by March 31, 2020.
As noted in the document, CoP is a process that aims to reduce fraud and misdirected payments in electronic bank transfers; it checks the name of the payee against the details given by the payer.
To decide on the necessity of the direction, who to direct, the deadlines for the implementation and what the CoP process should be, the regulator took into account a number of factors that are incorporated and explained in the document.
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