CoP
ServicesConfirmation of Payee
Definition
Confirmation of Payee (CoP) is a UK service that lets a payer check the name of the recipient account before sending a payment. The bank compares the payee name entered by the payer against the name on the destination account and returns a match (e.g. close match, no match, or unavailable), helping to prevent misdirected payments and authorised push payment (APP) fraud. In the EU, the equivalent is Verification of Payee (VoP), mandated under the instant payments regulation (IBAN-name check).
Related Terms
APP Fraud
Authorised Push Payment FraudAPP fraud is where victims are tricked into sending funds from their bank account to a fake or fraud...
PIS
Payment Initiation ServicesPayment Initiation Services are services that allow a third-party provider to initiate payments from...
VoP
Verification of PayeeVerification of Payee (VoP) is the EU equivalent of the UK's Confirmation of Payee. It is an IBAN-na...
Frequently Asked Questions
What is Confirmation of Payee?
Confirmation of Payee (CoP) is a UK service that lets a payer check the name of the recipient account before sending a payment. The bank compares the payee name entered by the payer against the name on the destination account and returns a match (e.g. close match, no match, or unavailable), helping to prevent misdirected payments and authorised push payment (APP) fraud. In the EU, the equivalent is Verification of Payee (VoP), mandated under the instant payments regulation (IBAN-name check).
What does CoP stand for in Open Banking?
CoP stands for Confirmation of Payee. It is a fundamental concept in Open Banking and PSD2 regulations. Confirmation of Payee (CoP) is a UK service that lets a payer check the name of the recipient account before sending a payment. The bank compares the payee name entered by the payer against the name on the destination account and returns a match (e.g. close match, no match, or unavailable), helping to prevent misdirected payments and authorised push payment (APP) fraud. In the EU, the equivalent is Verification of Payee (VoP), mandated under the instant payments regulation (IBAN-name check).
More Services Terms
PIS
Payment Initiation ServicesPayment Initiation Services are services that allow a third-party provider to initiate payments from...
AIS
Account Information ServicesAccount Information Services allow third-party providers to access account data (such as balances an...
Sweeping
Sweeping is the automated movement of a customer's funds between two accounts in their name, such as...
VRP
Variable Recurring PaymentsVariable Recurring Payments let customers safely connect authorised payments providers to their bank...
Instant Payments
Instant Payments / Real-Time PaymentsInstant Payments are electronic payments that are processed, cleared, and settled within seconds, 24...
CoF
Confirmation of FundsConfirmation of Funds is a service that allows a CBPII to request confirmation from an ASPSP that su...
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