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  #45  
Old 03-25-2020
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Default Re: Uk banks are now matching names for withdrawl

From what I've read, this new system simply just confirms if the name given as a payee matches the name on the sort code and account number? There is no mention (from what I've read) of payments being refused if the names don't match etc. It seems like more of an additional safeguarding measure than anything else. I can't see this causing an issue, unless I'm missing something?

Also, to answer somebody's previous question regarding existing payee setups

"No, the Payment Systems Regulator has mandated participating banks to implement Confirmation of Payee for the setting up of new payments and the amending of details for existing payments through Faster Payments or CHAPS. Payments to existing recipients and standing orders may not be checked using Confirmation of Payee although individual account providers may, in time, begin to check the details of existing recipients with Confirmation of Payee."

Very informative link below:

https://www.ukfinance.org.uk/confirmation-of-payee
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  #46  
Old 03-27-2020
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Default Re: Uk banks are now matching names for withdrawl

I can say that mismatched name withdrawals are still working fine, as of 5 minutes ago.
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  #47  
Old 03-27-2020
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Default Re: Uk banks are now matching names for withdrawl

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Originally Posted by MathProfessor View Post
I can say that mismatched name withdrawals are still working fine, as of 5 minutes ago.
It's not 31st of March yet
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  #48  
Old 03-27-2020
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Default Re: Uk banks are now matching names for withdrawl

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Originally Posted by sax4 View Post
It's not 31st of March yet
March 31st is the latest they can do it its not a fixed date when everything changes ,most banks should have changes in place by now.
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  #49  
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Default Re: Uk banks are now matching names for withdrawl

At the moment this is not an issue, it mainly applies for payments made from personal banks, it is a step taken to 'check' the name on the bank, it then informs the sender if it doesn't match (you can still proceed anyway).

I am unsure if this will be extended to merchant accounts for mass payouts, I personally have not seen any API or backend details regarding mismatch names - this is not to say it won't be added later, but as of now I cannot see this being an issue.

Most banks already have this in place.
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  #50  
Old 03-28-2020
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Default Re: Uk banks are now matching names for withdrawl

Any updates on setting up a bank account on a new paypal with missmatched names?
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  #51  
Old 03-28-2020
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Default Re: Uk banks are now matching names for withdrawl

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Originally Posted by RipeBanana View Post
Any updates on setting up a bank account on a new paypal with missmatched names?
Well nobody is reporting having issues at this time and most large banks should have the checks in place by now.
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  #52  
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Default Re: Uk banks are now matching names for withdrawl

So I tried to transfer money to my bank account from another bank account using miss match names and this did not work and gave me a warning. I can still withdraw normally from payapl though. Hence the checks seem to be in place but not affecting paypal.
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  #53  
Old 04-01-2020
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Default Re: Uk banks are now matching names for withdrawl

Mismatched name transfers to bank accounts still works with old paypal accounts as of today. Still don't know about new paypal accounts..
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  #54  
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Default Re: Uk banks are now matching names for withdrawl

This is very interesting. As long as they give options to opt out we're good.
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