How will Confirmation of Payee service work with Bacs bulk payments
25 March 2019
How will the delivery of Confirmation of Payee impact bulk payments i.e. Bacs? Your view is valuable and there is still a short time available for you to complete this survey.
This short survey will take less than five minutes to complete – thank you.
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 has produced this 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.
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.
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.