Cambridge Building Society has announced that it has joined Pay.UK’s Confirmation of Payee (CoP) service.
The society has implemented CoP after the service was augmented earlier this year to support participant accounts that rely on sort code and account information, as well as additional data, such as a building society account number.
CoP is a name-checking service that helps banks and building societies protect their customers against fraud and accidentally misdirected payments by checking the name of the recipient account.
The Cambridge awarded the implementation of the service to tech firm Bottomline, who won its competitive tender.
Programme manager at The Cambridge, Nick Warner, commented: “Once the CoP service enabled SRD to be checked, we knew it was something we should be a part of.
“At our core, we offer a safe place for savings and help people buy their homes. A payment is a key part of both of those experiences, so being part of CoP is a natural fit for what we offer to our members. Working with Bottomline enabled us to draw on external expertise in completing this work.”
Chief revenue officer at Bottomline, Paul Fannon, added: “As authorised push payment (APP) fraud continues to rise, it’s promising to see building societies like The Cambridge leading the adoption of technology to protect customers against fraud and scams.
“Equally welcoming is the news that the Payment Systems Regulator (PSR) is mandating CoP implementation for more than 400 payment solution providers, including all building societies by June 2024 – a clear indication of the industry’s intention to keep fraud at bay.”
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