Bacs/Pay.UK confirmation of payee survey
19 March 2019
In October 2018 Pay.UK launched a service to allow a name check when a personal customer sets up a new payee on their internet banking. Pay.UK is looking to make the same technology available for Bacs users.
Pay.UK, the new home for Bacs, Faster Payments, and Cheque and Credit Clearing, is continuously seeking to improve their products and as such is seeking feedback on a range of enhancements that are in early-stage development.
Pay.UK has produced a short survey which aims to obtain input on whether these enhancements are desirable, what the key considerations for development are and what features they should offer. The feedback you provide will allow Pay.UK to assess the feasibility of these enhancements and ensure they will provide tangible benefits for collecting organisations, Payment Service Providers (e.g. banks, building societies and e-money institutions etc.) and consumers if taken forward.
Phase 1 of implementation focuses on Confirmation of Payee (CoP) for Faster Payments with Phase 2 looking to explore the potential to incorporate a CoP solution for bulk payments.
Please take a few minutes, if you haven't already, to complete this short survey. Thank you.
CIPP comment
The CIPP and Bacs are holding a Policy Think Tank in London on 4 April 2019 to discuss this topic further. Invites to full, fellow and chartered members will be sent out shortly. Any notes of interest before this time, please email policy.