Confirmation of Payee (“CoP”) is a name verification service that provides online banking users with additional assurance that UK domestic payments are being sent to the intended beneficiary. This service has been introduced to help protect online banking users against fraud and also prevent payment processing errors.
Capital International Bank Limited (“CIB") will introduce CoP service prior to the end of October 2024. At this point, our online banking platform, will require CoP checks to be performed at the point of new UK domestic beneficiary creation. CIB client’s account name and account number will also be provided to the scheme to allow other online banking users to utilise the service when making payments to CIB accounts.
Whilst all UK banks are in the process of introducing the CoP service, their launch dates will vary. This will mean that not all UK domestic beneficiaries can be verified using the service. From the point this service is introduced, all CIB clients will be allocated a ‘CoP name’ which is to be used for all inward payments. Typically, this will be CIB client’s existing account name.
From the point this service is introduced, CIB client’s account name (as it appears on the statement) should be used for inward payments. Where this differs, those clients will be contacted separately.
When creating a new UK Domestic beneficiary via our online banking platform, the system will perform a CoP check and provide users with the results/actions required.
The CoP check will produce one of four results, based on the information provided by the beneficiary bank:
Confirmation that all details match.
Account name specified is not an exact match to what users have been provided. Users will receive a suggested account name amendment to achieve ‘Exact Match.’
Details provided do not match. Whilst users can proceed, it is suggested to contact the beneficiary.
Unable to perform CoP check due to beneficiary bank connectivity issues or they have not yet introduced their CoP service.
It is highly recommended that users do not proceed unless an ‘exact match’ is obtained. However should users wish, they can still proceed to create and instruct payments to the beneficiary for most response results. It is incumbent on online banking users to verify that the request and details for the payee are correct and genuine.
How do I perform COP checks on beneficiaries created prior to Cop introduction?
In order to perform CoP checks on beneficiaries created prior to CoP introduction, users must delete the pre-existing beneficiary and add the beneficiary as new. It is the creation of a ‘new beneficiary’ that initiates the CoP check taking place.
How do I identify which beneficiaries have been COP checked?
To identify which beneficiaries have been CoP checked and the result of the check, navigate to the ‘Manage Beneficiaries’ page.
In order for online banking users to benefit from the CoP service when making a payment to a CIB account, client account details are securely provided to the CoP service by CIB. Payment providers included in the service are regulated by their respective authorities, and are required to utilise the existing highly secure architecture to exchange CoP requests. All data provided by CIB to the service is encrypted using highly secure encryption standards.
When using CIB’s online banking system to make a payment, it is not possible to opt-out of the service for the creation of new UK domestic beneficiaries. CIB's clients are however able to request to opt out of their details being provided to the service in relation to CoP checks that would be performed when remitters are sending UK domestic payments to their account. The CoP service has been introduced for the benefit of online banking users by reducing fraudulent events and payment processing errors. In order for the service to be effective in performing this function, it is important that payers can perform this check when making a payment. In the event that a CIB client opts-out, the payer will receive an ‘unavailable’ result.
How can I opt out?
To request to opt-out, users can do so by submitting a secure message using ‘Confirmation of Payee’ category, specifying their request to opt-out and rationale for exclusion from service. We will consider each request and if the rationale is deemed to be valid, we will mark the account for exclusion in service as soon as practically possible.
How can I opt back in?
To opt back in to the CoP Service, please submit a secure message using ‘Confirmation of Payee’ category, specifying the request to ‘opt-in’. We will mark the account for inclusion in the service as soon as practically possible.
If users do choose to opt out, then the remitter may decline to make the payment as they will be unable to validate the account name and number when sending UK domestic payments to the account.
Users are responsible for completing payment instructions, managing the CoP check results (accepting, amending and/or proceeding) and for the accuracy and completeness of any payment instruction. If users provide inaccurate information and the payment does not reach its intended destination as a result, we will provide such assistance as we reasonably can to recover the funds and reserve the right to levy an additional charge to cover our costs in doing so. Any additional charges will be notified to the users.
It may be that users will have to contact a beneficiary bank for a refund. If users request it, we will provide relevant information regarding the payment to help recover it.
We are not able to guarantee the return of funds.
