Name checks to begin on bank payments

Name checks to begin on bank payments (18 Oct 2018)

"The name of someone receiving a payment will be as important as their banking details for the first time from next summer, in an attempt to combat fraud.

At present, anyone wanting to transfer money enters the intended recipient's name, account number and sort code. However, the name is not checked.

Under plans from the UK's payments operator, the sender will be alerted if the name does not match the account.

How Confirmation of Payee will work

When setting up a new payment, or amending an existing one, banks will be able to check the name on the account of the person or organisation you are paying.

• If you use the correct account name, you will receive confirmation that the details match, and can proceed with the payment
• If you use a similar name to the account holder, you will be provided with the actual name of the account holder to check. You can update the details and try again, or contact the intended recipient to check the details
• If you enter the wrong name for the account holder you will be told the details do not match and advised to contact the person or organisation you are trying to pay

Source: Pay.UK"

www.bbc.co.uk/news/business-45900955

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More useful information:-

New Payment System Operator / NPSO
www.finextra.com/pressarticle/75911/npso-rebranded-as-payuk

We are Pay.UK
www.wearepay.uk/

New name check safeguard for payments revealed
www.wearepay.uk/new-name-check-safeguard-for-payments-revealed/