Alert Banner Text Goes Here Alert Banner Text Goes Here Alert Banner Text Goes Here Alert Banner Text Goes Here
What We Do
Since 1989, Bottomline has been modernizing global business payments with connected solutions for more than 800,000 financial institutions and businesses in 92 countries.
AP Automation AP Automation For Real Estate Payments Hub
Payouts Automation Payments Processing Receivables Automation Payments Hub
Paymode Pay Vendors Receive Payments Partner With Us
Connectivity Services Message Transformation & Enrichment Message Vault Risk Solutions
Connectivity Services Message Transformation & Enrichment Message Vault Payments Verification Payments Verification for Businesses
Global Cash Management Hub Digital Banking
Global Cash Management Hub
Who We Serve
Our Company
We have put together four drivers to consider when building out the business case for Confirmation of Payee within your organisation.
In July 2021, Confirmation of Payee (CoP) extended their service to include a couple of thousand Financial Institutions such as Credit Unions, Sovereign Banks and Head Office Collection Accounts (HOCAs). This opened the account name checking service up to mortgage, savings, asset finance and payments organisations to name a few, in addition to the banks already in scope.
Here we’ve put together four drivers to consider when building out the business case for CoP within your organisation.
Authorised Push Payment (APP) fraud losses have increased to 71% during the first half of 2021 – surpassing the amount of money stolen through card fraud for the first time (UK Finance).
CoP has been live for over 18 months and so far 20+ banks have signed up, of which six were mandated, out of 1,000+ that are now in scope.
By implementing the CoP service you can protect your customers from making payments to fraudsters or misdirected payments. The service allows the payer to check that the name on the account matches that of the account holder before the payment is initiated. If this differs, an alert will appear on the payments screen.
The top six banks that have been mandated into the CoP service control over 90% of the volumes, so if you’re not part of the scheme, your customers may question why they aren’t getting the same levels of security that’s available which may impact the reputation of your organisation.
Being part of CoP means that you’re less likely to be contributing to the significant increase in impersonation scams and providing additional security for your customers.
If your customers aren’t seeing the industry “norm” of a name validation for new beneficiaries, they may question the level of protection they’re receiving. This could lead to customers using the automated Current Account Switching Service (CASS) to move to another provider offering this service.
CoP is very visible within the customer experience, the additional step to validate beneficiaries provides an extra layer of protection against APP fraud.
The Open Banking world is an irreversible and exciting trend globally that will open up new innovations and competition throughout the industry, starting in banking and then evolving into Open Finance.
By implementing the CoP service from Bottomline you plug into a proven Open Banking infrastructure as a standalone service, which has an additional portfolio of Open Banking services available on-demand across real-time data and payments.
