At the beginning of August 2019, the Payment Systems Regulator (PSR) issued a specific direction to the UK’s six largest banking groups covering around 90 per cent of current accounts, to fully implement Confirmation of Payee by 31 March 2020. In response to the impact of Covid-19 they have now extended this deadline to 30 June 2020.
Confirmation of Payee (CoP) is an account name checking service that helps to make sure payments aren’t sent to the wrong bank or building society account. It helps customers and businesses make payments safely by checking the name on an account before a new CHAPS, Faster Payment or Standing Order is set up.
Is your stem ready for CoP? If you have any questions IMS is have the skills and experience to ensure you meet the PSR requirements for CoP. Contact us today – call Archie Gardner on 0845 1308499 or 07885104218 we can help you.