Pay.UK, the unbiased, not-for-profit operator of the UK’s nationwide retail funds system, is increasing ‘Affirmation of Payee’, considerably bolstering safety for UK customers in opposition to Authorised Push Cost (APP) fraud and misdirected funds.
Pay.UK’s name-checking service, Affirmation of Payee (CoP), already boasts important success, having processed over 2.5 billion checks as of September 2024 and conducting over 2.1 million checks day by day. By increasing the service by trade collaboration, CoP is predicted to extend day by day test volumes by seven per cent, mirroring the expansion in quicker funds transactions.
This enlargement additionally represents a 200 per cent improve in protection because the mandate was issued. It’s a key part of Pay.UK’s Fraud Programme, which goals to supply a strong and multi-layered defence in opposition to cost fraud, benefiting UK customers and companies, no matter who they financial institution with.
Kate Frankish, chief enterprise improvement officer and anti-fraud lead at Pay.UK, stated: “This newest enlargement, pushed by collaboration with the trade, considerably strengthens our collective defences in opposition to fraud. By simplifying entry for PSPs, we’re guaranteeing that everybody can profit from this important layer of safety.
“This isn’t nearly reacting to fraud, it’s about proactively constructing a safer funds ecosystem for the UK. Whereas reimbursement is vital, true progress lies in stopping fraud from occurring within the first place, and CoP is a robust instrument in attaining that objective.”
This enlargement builds upon CoP’s present success in combating fraud. Business knowledge from UK Finance exhibits a decline in fraud in 2023, coinciding with the widespread adoption of CoP. With the PSR’s new obligatory reimbursement framework for APP fraud coming into impact in October 2024, the concentrate on preventative measures like CoP is extra vital than ever.
The success of CoP can also be gaining worldwide recognition, with international locations like Australia, New Zealand, and people throughout the EU exploring related options.
