UK: PSR Launches Follow-Up Consultation on Its Revised Proposal on Confirmation of Payee and Draft Legal Text of Proposed Direction

On May 9, 2019, the Payment Systems Regulator (PSR) initiated a follow-up consultation on confirmation of payee (CoP), including its revised approach alongside the legal text of the proposed direction.

CoP is aimed to serve as a name-checking service, in a way that will ensure that the name of the account to which the payer is sending money matches the name they have entered. In cases of mismatches, a notification alert will be sent to the payer who will be able to make corrections before the payment is performed.

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