What is Confirmation of Payee?
This is an account name-checking service. It helps ensure that payments reach the right payees, by checking the name on an account before a new payee or standing order is set up.
Confirmation of Payee is one of the steps the finance industry is taking to tackle fraud. For your part, to help keep your money safe and make sure that you continue to receive payments, please ensure that those trying to pay you have your correct account details (sort code, account number and name).
Other fraud watch-out signs:
- Pressure to make a payment
- Changes to account details
- Payment requests from people you don’t know
We’re introducing Confirmation of Payee in 2 phases
Phase 1, where you are receiving a payment from a customer of another bank to your BOI account
We’ll check that your sort code, account number and account name all match. It’s essential that you make sure that friends, family or customers use the correct name as it appears on your account statement.
Phase 2, where we set up Confirmation of Payee checks when you are creating a new payee on your 365 online system
When you set up a new payee we’ll send a request to the other bank to check that the sort code, account number and name all match.