Confirmation of Payee (CoP) is an account name checking service used during your financial transactions to ensure the account name you enter matches the intended payee's account details. This verification process is conducted while making UK domestic transactions such as Faster payments and CHAPS.
The verification process includes:
- A Beneficiary's name check to ensure that the details match the account name held by the beneficiary bank.
- A verification of the bank details to confirm accuracy of the account number and sort code.
These measures are designed to help you confirm the accuracy of your transactions by giving your the reassurance that your funds are sent to the right recipient.