These checks are designed to help stop payments going to the wrong account by spotting possible mistakes and adding extra security steps to prevent fraud.
Over the coming months the full CoP service will be in place across the major UK banks so we can automatically check the details of the account you’re paying.
How CoP helps you make payments with confidence
The CoP service has been introduced across the banking industry as an extra way to help tackle fraud and keep customers’ money safe.
The service helps make sure payments go to the right account by checking the name and account details all match before a payment is sent. This reduces the risk of making a mistake and paying the wrong person, and can help to avoid payment scams.
What’s changing?
When you add a new payee to make a payment you’ll need to enter all the details below, then we’ll automatically check with their bank to make sure everything matches:
- The name on the account – the main difference here is you’ll now always need to use the correct full account name (like you would on a cheque), so you won’t be able to use nicknames or other words anymore
- Account number
- Sort code
- Account type – to confirm if it’s a personal or business account.
If something doesn’t match, we’ll tell you straight away and explain what to do next.
What you’ll see when setting up a new payee online
In our Mobile Banking app or Online Banking, when you’ve put in all the account information we’ll tell you if the account name and number match or not. Depending on the situation, you’ll immediately see one of these messages: