Pay.UK drives expansion of Confirmation of Payee, strengthening UK’s defence against fraud. Source: Shutterstock.com

Pay.UK, the independent, not-for-profit operator of the UK’s national retail payments system, has announced a major expansion ‘Confirmation of Payee’ (CoP), significantly bolstering protection for UK consumers against Authorised Push Payment (APP) fraud and misdirected payments.

This expansion fulfils the Payment Systems Regulator’s (PSR) Specific Direction 17, issued on 11 October 2022, mandating all regulated payment service providers (PSPs) to implement CoP by 31 October 2024.

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CoP, Pay.UK’s name-checking service, has already achieved success, having processed over 2.5 billion checks as of September 2024 and currently conducting over 2.1 million checks daily.

This expansion, driven by Pay.UK’s collaboration with the industry, represents a 200% increase in coverage since the mandate was issued and is expected to further increase daily check volumes by 7%, mirroring the growth in Faster Payments transactions.

Pay.UK’s expanded CoP service is a key component of its comprehensive Fraud Programme

The Fraud Programme aims to provide a robust and multi-layered defence against payment fraud, benefiting UK consumers and businesses, regardless of who they bank with.

Kate Frankish, Chief Business Development Officer and Anti-Fraud Lead at Pay.UK, said: “This latest expansion, driven by collaboration with the industry, significantly strengthens our collective defences against fraud. By simplifying access for PSPs, we’re ensuring that everyone can benefit from this crucial layer of protection. This is not just about reacting to fraud, it’s about proactively building a more secure payments ecosystem for the UK. While reimbursement is important, true progress lies in preventing fraud from happening in the first place, and CoP is a powerful tool in achieving that goal.” 

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This expansion builds upon CoP’s existing success in combating fraud. Industry data from UK Finance shows a decline in fraud in 2023, coinciding with the widespread adoption of CoP. With the PSR’s new mandatory reimbursement framework for APP fraud coming into effect in October 2024, the focus on preventative measures like CoP is more critical than ever. The success of CoP is also gaining international recognition, with countries like Australia, New Zealand, and those within the EU exploring similar solutions