The Payment Systems Regulator (PSR) has today published its follow-up consultation for Confirmation of Payee (CoP), an initiative that aims to further protect people from APP (Authorised Push Payment) scams and prevent payments from being accidently sent to the wrong account.
The PSR proposes giving a specific direction to members of the six largest UK banking groups, who are involved in around 90% of bank transfers, to fully implement CoP by 31 March 2020. The FCA expects the remaining payment service providers to implement the protection “at the earliest opportunity”.
This latest consultation closes on 5 June 2019.
If you are a member of PIF, you can read our latest member guidance on what CoP means for PSPs operating in the prepaid and fintech sectors in the members’ area of this website.