We’re excited to announce that Confirmation of Payee (CoP) and Verification of Payee (VoP) are now available on the Pax2pay portal. Both schemes are designed to help prevent fraud and mistakes ensuring your funds go to the correct beneficiary every time.
What is CoP (Confirmation of Payee)?
CoP only applies to UK Faster payments and works by verifying the recipient's name against the account number before a faster payment can be sent. If the details are incorrect, you will receive a message in the portal notifying you of the issue and requesting you to check the bank details to ensure they are legitimate.
What is VoP (Verification of Payee)?
VoP provides the same benefits as CoP but for SEPA Credit Transfer and SEPA Instant Credit Transfers. Instead of verifying the account number, it checks the IBAN to ensure the details match before the payment is processed.
How will I be notified of these checks?
Both CoP and VoP checks will be completed once a payment has been submitted in the payments room on the portal. Once you submit a new payment, a message will appear to confirm if the bank details were a match or not.
If we are unable to verify the bank details, you will receive a message to say the verification check was not possible.
Please note: we’re unable to take responsibility for any payments made via CoP/VoP that are sent to an incorrect recipient. We therefore advise you to carefully verify all bank details are legitimate before completing the transaction.
If you have any questions, please raise a ticket with our customer support team here.