Confirmation of Payee for Business

Ideal for companies that are looking for:

• Peace of mind when making payments to consumers and businesses
• Increased confidence that you are paying a genuine supplier when settling invoices
• Support in protecting your business from payment fraud
• Data coverage that will allow you to reduce the costs associated with manually verifying account details
• Access to coverage of 92%* of UK bank accounts addressable by Faster Payments, which will increase coverage to 99%* by October 2023

Confirmation of Payee (CoP) is an industry-wide, regulated banking initiative in the UK that provides payers with additional peace of mind that payments are being sent to the correct person or business by acting as a name-checking service.

Receive One of Five Results

When new bank details are added or amended, our service will check the details provided and make sure that they match the information on the payee’s account. Once checked, you will receive one of five results:

1. Name and account match: No problems detected

2. Close match: The details are similar, and the correct name is returned for the user to check

3. The name does not match: We’ll let you know that the name does not match

4. Additional reference missing: Identifies the need for a secondary reference number if one hasn’t been provided

5. We can't check this account: In the rare event that we are unable to check the information provided, we will let you know. This is typically because the bank that holds this account does not participate in the bank verification initiative

How does Bottomline’s Confirmation of Payee service help support your business?

Reduced Risk of Fraud and Direct Financial Losses

By using our service, your business has greater assurance that they are sending payments to the intended recipient, helping to avoid making accidental, misdirected payments to the wrong account holder, or payments to a fraudulent account. In 2020, UK Finance estimated that those businesses impacted by fraud lost £18,000 on average. Authorised Push Payment (APP) Fraud where payees are tricked into willingly making payments into fraudsters' accounts increased from £479m in 2020 to £583m in 2021*.

Reduced Time Spent on Manual Checking

With CoP’s current 92% coverage, and the PSR’s drive to increase this to 99% by October 2023, more consumer or business accounts can be verified in near real-time electronically. In turn, the cost of manually verifying accounts will continue to decrease, reducing operational costs for onboarding customers.

Better Customer Experience

With CoP in place, you can have greater confidence that payments are being sent to the right place, meaning that your business avoids the pain that comes with rectifying errors and causing unnecessary customer distress.

Easy to Implement

• As a SaaS solution, PTX Confirmation of Payee removes the need for you to install and maintain software within your organisation
• Integration is via a simple JSON API intended to complement your existing bank account verification workflows
• All relevant implementation documents and certificates are provided
• The PTX Confirmation of Payee CAT environment and test cases allow you to ensure your integration performs as expected

Bottomline is a Leader in Business Payments Security and Fraud Detection

• More than 210 enterprise grade/ bank customers

• More than 5,300 corporate customers

• More than 624,000 protected corporates