Skip to content
Modulr glossary

Confirmation of Payee (CoP)

Confirmation of Payee (CoP) is a name-checking service that ensures the recipient’s account details match the intended payee before a bank transfer is processed. It was introduced in the UK to reduce misdirected payments and is a key tool in preventing authorised push payment (APP) fraud. CoP is a pay.uk service, which enables account names to be checked to their corresponding account numbers and sort codes, giving users greater assurance that they’re sending payments to the account they intended to. All of Modulr’s accounts are safeguarded e-money accounts enabled with CoP, so that the account name can be checked by someone paying money into a Modulr account and automated CoP checks are possible for all pay-outs made from a Modulr account.

Applications

Fraud prevention:

Reduces the risk of fraud.

Customer confidence:

Provides reassurance to payers.

Regulatory compliance:

Aligns with UK banking security measures.

Advantages

  • Trust: Enhances customer trust in financial institutions
  • Systemic strength: Where the Customer Duty is upheld the financial services industry will be stronger, more stable and serve its end users most effectively.

Challenges

  • Bank adoption: CoP is a UK service only.
  • False positives: Legitimate payments may be flagged incorrectly.

Sign up to our newsletter for our latest news and insights