CoP is a name-checking service for UK-based payments launched by Pay.UK in 2020. Last year they announced mandates for selected FIs for the end of October 2023 and extended this to a further 400 FIs by 2024. Ours is an outsourced technical solution to support the PSP's obligation to respond to inbound CoP requests & support the PSP's customers per the PSR’s mandate. This drives down APP fraud by ensuring payments are correctly directed to intended recipients. First to market, Bottomline creatively blended its FCA regulatory status as an Open Banking TPP with its technical pedigree in secure file management, algorithm expertise & running 24x7.
Bottomline Confirmation of Payee Solution
Entered in: Business Banking