Confirmation of Payee (CoP) has become essential when making UK domestic transactions such as Faster payments and CHAPS. It acts as an extra layer of security, giving you the opportunity to verify that the beneficiary details you have entered are correct and to prevent sending funds to the wrong payee. CoP helps reduce potential fraud and prevents payments from being misdirected.
Overall, the CoP system is designed to make your payment process safer and more reliable.