NatWest Group has implemented a new SaaS Confirmation of Payee (CoP) solution from Bottomline.

The move is part of the bank’s plans to service its Agency Institutions in a bid to tackle authorised push payment fraud (APP) in the UK.

CoP, which was launched in 2019, is a service used when sending money online to someone that hasn't been paid before. It confirms whether or not the details entered match the account of the person or organisation being paid.

The checks aim to help consumers stop payments going to the wrong account by spotting possible mistakes and adding extra security to prevent fraud.

“The introduction of [Bottomline’s] SaaS solution for Confirmation of Payee increases the speed at which we want our Agency Institution customers to be adopting the latest beneficiary name checking service,” said James Hodgson, chief product officer take payments, NatWest. “It gives our customers a pedigree solution to protect customer funds from the rising incidents of Authorised Push Payment fraud.”

According to research published by Lloyds Banking Group last week, eight per cent of UK adults who hold a bank account admit to proceeding with a payment without making any further checks when CoP tells them the details aren’t an exact match.

The bank warned that millions of UK bank account holders are putting themselves at greater risk of fraud by ignoring warnings from the CoP service.

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