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Default How do we get past Confirmation of Payee?

Received this from Santander just now:

Dear Customer

We’ve been working with other UK banks and the regulators to introduce a new payment checking service known as Confirmation of Payee.

When you make a new payment or amend an existing one (either personal or business), we’ll check that the payment details entered match the details the other bank holds for your payee (the person or business you’re paying money to). This will help prevent payments going to the wrong account, as well as providing another layer of protection against fraud and scams.

How it works

At the moment when you make a payment you provide the account number and sort code. With this change you’ll need to also provide:
  • The account name exactly as it appears on the account. If you’re paying a business account you’ll need to provide the business name. The business name should be as stated on the invoice or other payment instruction you’ve been provided with. (Please note that some businesses may have trading names that differ from the registered name). If you need to pay a joint account, you’ll need to ask for the name of one of the joint account holders exactly as it appears on the account.
  • The account type – personal or business.*

We’ll then check the information you give us against the details on the account of the person or business you’re trying to pay. Before you make the payment we’ll let you know one of a few possible outcomes:

  • 1. The name and account type match
    If the details match the account you’re trying to pay, we’ll confirm this to you. You can then continue making the payment as usual.
  • 2.The details partially match
    If the details partially match the account you’re trying to pay, you’ll be given the actual name or account type of the account holder. You can either check and update the details straightaway, or contact the person or business you’re trying to pay to complete further validation checks.
  • 3. The name doesn’t match
    If the name doesn’t match, you’ll be told that the name is not correct. You should contact the person or business you’re trying to pay to verify the details before continuing.

When making a payment, you should always stop and undertake further checks if you don’t receive a full match against the details you’ve been given.

When you’re asking someone to make a payment to you, you’ll need to make sure they have the correct business name for your account. The account name of your business will be available in your communications (for example your bank statements) and through your Online and Mobile Banking. If you think you need to change the name of your business account, or you’re unsure of the account name used for your business, please contact us.

The banking industry has already started making some of these changes for payments (including online and mobile) made via Faster Payments or CHAPS, but not all banks are participating straight away. Customers of the participating banks will automatically be included so we can carry out these checks to help our customers pay the right accounts.
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