NatWest rolls out new CoP solution

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.

    Share Story:

Recent Stories

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.