Closed mcleo-d closed 7 months ago
Hi All 😄
Jane @ FINOS here
Hello 👋🏻
:wave: :shipit:
Andy Smith @ Discover
Hello! Michelle Yi @ RelationalAI
Ashley Nelle-Davis @ Data Foundation
Hi 👋🏻 Jonathan Haggarty @ NatWest
¡Hola!
Hi everyone - Nick Vitalo @ FINRA here
Julia / FINOS
Regulation Innovation SIG
Date
February 7 2023 - 12pm EST / 5pm GMT
WebEx info
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Agenda
Confirmation of Payee The Payment Systems Regulator (PSR) has confirmed its plans that will see around 400 more financial firms provide the name checking service, Confirmation of Payee (CoP). CoP is a service that checks account and reference details when CHAPS, Faster Payment or standing order is setup. This helps to make sure payment aren’t sent to the wrong account by mistake and will reduce fraud. CoP needs to be developed to provide Customers of the UK payments industry with a way to check the name on the Account Details of the person/entity they wish to pay.
BACKGROUND CoP is an overlay service that checks that the Account Name provided by a Payer corresponds, to an acceptable level, with the Account Name identified by the CoP Responder with the Account Details the Payer has supplied. CoP aims to give the Customer more control and more certain outcomes when they make a Payment by providing them with assurance regarding the name on the account, they wish to make a Payment to. In particular, it aims to provide consumers with a tool which can be used to avoid making misdirected payments.
OBJECTIVE One of the key objectives of CoP is to reduce the incidences of misdirected payments; in particular, “Authorized Push Payment” fraud which is of significant detriment and a concern to Customers in the UK payments market. Amongst other things, CoP will seek to substantially reduce the volume of payments that are fraudulently diverted.
Link to PSR ……………… https://www.psr.org.uk/news-and-updates/latest-news/news/psr-directs-400-firms-to-introduce-the-payment-protection-measure-confirmation-of-payee/
Decisions Made
Action Items
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