Today, we are excited to introduce the new API endpoint for Confirmation of Payee(CoP).
How does it work?
Our new API endpoint allows you to use Confirmation of Payee (CoP) in the UK to check that the account name of a UK counterparty matches that counterparty’s account number and sort code when adding a counterparty or making a payment to a new or existing counterparty.
- Fraud Prevention: CoP serves as a proactive measure to prevent payment fraud and unauthorised transfers, protecting businesses from financial losses.
- Improved accuracy: By verifying the payee’s details, CoP helps to reduce errors in payment processing and ensures that funds are directed to the correct person.
To learn more about how to integrate CoP into your system and benefit from its enhanced security features, check out our comprehensive tutorial. And make sure you checked out our webpage about API payouts!
Note: We are slowly rolling this feature out to all businesses, so if you are interested in it, please reach out to our team and let us know your specific use case.