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Re: Uk banks are now matching names for withdrawl
 

I contacted the Co-op, they told me they have no information about confirmation of payee at this time.

Re: Uk banks are now matching names for withdrawl
 

Do remember, like eBay, these are just customer service reps,especially when using the call centres, who may or may not know what you are talking about as its very new 'news'/policies etc. Pinch of salt en all that.

Re: Uk banks are now matching names for withdrawl
 

I have a co-op account, so been thinking of changing banks in PP to the co-op to buy some time. But im worried that will flag my account. Or do we just wait and see if current PP accounts will be effected at all before making any changes.

Re: Uk banks are now matching names for withdrawl
 

I use co-op and tesco bank and i haven't had any issue's.In what i have read it's only mandatory for big six the smaller banks may or may not follow suit only time will tell.

Re: Uk banks are now matching names for withdrawl
 

Wonder where all the moderators / seniors and account seller hot shots are

Re: Uk banks are now matching names for withdrawl
 

In their secret forum, so they can charge you for the information when fluxed.

Re: Uk banks are now matching names for withdrawl
 

Any Updates on this? was going to open a thread, then this got suggested.

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

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.

Re: Uk banks are now matching names for withdrawl
 

It's not 31st of March yet

Re: Uk banks are now matching names for withdrawl
 

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.

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.

Re: Uk banks are now matching names for withdrawl
 

Any updates on setting up a bank account on a new paypal with missmatched names?

Re: Uk banks are now matching names for withdrawl
 

Well nobody is reporting having issues at this time and most large banks should have the checks in place by now.

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.

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..

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.