Confirmation of Payee (CoP) is an account name-checking service designed to help reduce misdirected payments and provide greater assurance that payments are being sent, and collected from, the intended account holder for UK domestic payments.
With CoP, banks can check the name on a new payee’s account as well as the sort code and account number. When you set up a new payee (or change details of an existing payee), you will be able to confirm that the name you have entered matches the one on the account you intend to pay, helping to prevent payments going to the wrong account.
Alerts notify the payer whether there has been a match, a close match, or no match, meaning corrections can be made before the payment is sent. The service is designed to prevent misdirected payments as well as fraudulent ones.
When transferring money to Oxbury, your Linked Account provider will run a Confirmation of Payee check against your new account details.