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Uk banks are now matching names for withdrawl
 

Dear members

I have just received a message from barclays that like other banks we would be matching names from march and check who you are paying , You would also need to give these details to anyone making payments to you , what does it mean that from now on we cannot withdraw money from any stealth account to any bank if name wont match ?

Re: Uk banks are now matching names for withdrawl
 

Re: Uk banks are now matching names for withdrawl
 

thank you for article

Re: Uk banks are now matching names for withdrawl
 

You can opt out of the Confirmation of Payee system by contacting your bank.

For example, from Santander

"Customers of the participating banks will automatically be included so that we can make these checks to help our customers pay the right account. However, if you’d rather opt out, you can let us know and we’ll make sure that your name won’t be validated and presented back to anyone sending you payments. If you’d like to discuss opting out, or understand the implications, please either call us or visit your local branch. "

It will bring scrutiny on your account, so better have a good excuse I would say

Re: Uk banks are now matching names for withdrawl
 

Most definitely. I wouldn't encourage anyone to phone up or visit a branch as it will definitely bring scrutiny to the account. You will definitely be asked why you are receiving funds with somebody elses name.

Having said that ...

What about mis matched or shorted names ?

i.e. Real name:- RUBEN - paypal stealth name: REUBEN

Re: Uk banks are now matching names for withdrawl
 

I guess we will just have to wait and see what happens.

Re: Uk banks are now matching names for withdrawl
 

I think it would be a good idea to open an account at a bank that you haven't been with before and then opt out from the outset, that way they won't rummage through your history and see all those payments to various names.

As well as the banks mentioned above, there are banks who have voluntarilly signed up for the system, like Starling bank for example. It's wise to Google your bank and "Confirmation of Payee" to see what their position is.

Re: Uk banks are now matching names for withdrawl
 

So we can offically say goodbye for withdrawing money from stealth paypals to saving accounts?

Re: Uk banks are now matching names for withdrawl
 

Unless you Opt out, or use a bank/building society that hasn't signed up for this, yet.

Re: Uk banks are now matching names for withdrawl
 

I am/been using Barclays unfortunately...

Re: Uk banks are now matching names for withdrawl
 

only UK bank ?

Re: Uk banks are now matching names for withdrawl
 

As I understand, existing payments in a certain name are ok

Re: Uk banks are now matching names for withdrawl
 

An informative PDF from the Payments System Regulator

https://www.psr.org.uk/sites/default...n-May-2019.pdf

Some key points

2.81 In the balancing test, Pay.UK considered whether it should be possible to allow
individuals to opt out. They identified that scammers could use an opt-out to get around
the protections offered by CoP by using UK accounts that have opted out of the service
so that no name check can occur on their account. However, we must make sure that
CoP does not unduly burden, disadvantage or exclude customers, particularly those
who are vulnerable.


2.89 Both individuals and businesses fall victim to APP scams and accidentally misdirected
payments, and fraudsters use both types of account for their scams. We have therefore
concluded that the direction should require sending and responding to CoP requests for
transactions initiated from both individual (including joint accounts) and business
accounts (excluding bulk/batch files, which are not in scope for phase one).

5.10 Under the CoP process, a payer will need to know a payee’s name and how to spell it.
Pay.UK’s rules and standards specify that, in the case of a close match, the actual name
associated with the proposed payee’s account will be returned to the payer. We
consider this an appropriate way to deal with close matches. This may also mitigate the
difficulty raised by the respondent. We encourage PSPs to ensure their approach to
identifying close matches accounts for this issue.

Re: Uk banks are now matching names for withdrawl
 

So I dont undestand this.. is it just for making payments? withdrawing will be safe? to mismatch names?

Re: Uk banks are now matching names for withdrawl
 

Nobody knows exactly what will happen yet.

But there will be ways around it.

Hopefully any existing set ups won't be affected which will eliminate the need to create new stealths if you are already established.

Re: Uk banks are now matching names for withdrawl
 

Reading further in to this it looks like this will affect fast payments only to check for fraud. Withdrawing will be fine

Re: Uk banks are now matching names for withdrawl
 

Your withdrawals to your bank will be name checked,if the name is not the same then then your bank will give PayPal your real name, and your withdrawal will not go through

Re: Uk banks are now matching names for withdrawl
 

Has anybody actually read the terms for being able to check names on accounts. I think you should read that before you all panic

Re: Uk banks are now matching names for withdrawl
 

Only on new withdrawals though, not existing setups, as I understand?

Re: Uk banks are now matching names for withdrawl
 

From the Pay website who run CoP:

To be eligible to enrol at this time, the following must be true:

You are an Account Servicing Payment Service Provider (ASPSP)
You have a sort code allocated to you with your own bank code in the EISCD
You are an FCA registered entity
You are registered with Open Banking*
* Please note: registering with Open Banking is a requirement, but can be undertaken in parallel with the Confirmation of Payee application process.

At this time, applications cannot be accepted from:

Organisations whose customers are addressed via a secondary reference
(i.e. an agency PSP that does not have a sort code allocated to them with their own bank code in the EISCD)
Organisations not registered with FCA
Non-ASPSPs e.g. Third Party Providers (TPPs) / Payment Initiation Service Providers (PISPs)/Account Information Service Providers (AISPs)

Re: Uk banks are now matching names for withdrawl
 

Which element of this are you referring to regarding mismatched names on withdrawals?

Re: Uk banks are now matching names for withdrawl
 

So could I change the name on my PayPal to my real name.? Would this solve the problem? And can I be done?

Re: Uk banks are now matching names for withdrawl
 

In order for an organisation to check names on an account (CoP) they must be registered with open banking, last time I checked paypal were not. Also, paypal are a Payment Initiation Sevice Provider, therefore they will not be able to enroll in Confirmation of Payee therefore wont have access to check the name

Re: Uk banks are now matching names for withdrawl
 

Are you sure?

https://developer.paypal.com/docs/psd2-compliance/

Re: Uk banks are now matching names for withdrawl
 

I am even more sure now reading that, that link clearly states they are a PISP. Name checking is not available to a PISP. And you have to be a bank enrolled in open banking to have CoP.

https://www.wearepay.uk/confirmation-of-payee/

The link you provided is more about being able to view balances/transactions from your bank account on the PP site, just like you can view barclays accounts through a HSBC app for instance. But that side of open banking is just a choice, you are not opted in automatically.

Re: Uk banks are now matching names for withdrawl
 

https://www.openbanking.org.uk/custo...iders/page/11/


PayPal (Europe) Sarl et Cie SCA

they are registered with open banking ^

Re: Uk banks are now matching names for withdrawl
 

So is no one freaking out about this??. From tomorrow we may not be able to withdraw from our stealth PayPal to our bank. Am I getting this right????

Re: Uk banks are now matching names for withdrawl
 

its the end of march


there will obviously be a way around this

Re: Uk banks are now matching names for withdrawl
 

Obviously - out of necessity

Re: Uk banks are now matching names for withdrawl
 

surely you can just make a stealth account with ⊗⊗⊗⊗ info in your name

unless its matching address

Re: Uk banks are now matching names for withdrawl
 

Yes moving forward but some of us have long term accounts, but I am yet to ascertain if this will affect existing setups or not. I suspect the former sadly.

Re: Uk banks are now matching names for withdrawl
 

What about Natwest current accounts?

I just read on their website

''The service focuses on UK sterling payments made through single Faster Payments or single CHAPS. Faster Payments are used for the majority of customer initiated payments. ''

would this apply to PP?

Re: Uk banks are now matching names for withdrawl
 

https://www.which.co.uk/news/2019/08...ou-from-scams/

This is a link to a list of banks that have NOT signed up yet and to banks that HAVE signed up.

Re: Uk banks are now matching names for withdrawl
 

All accounts. All banks pretty much. The Which document is over eight months old...its worth contacting your bank and asking them if they have 'signed up' to get accurate up to date info.

Re: Uk banks are now matching names for withdrawl
 

So the deadline for making checks is 31st march but surely it could happen at anytime? People seem to think march 30 is fine march 31st maybe wont be.
Dont think it will be that black and white ,Banks could start making checks at anytime once the system is in place and might already be doing so?

Re: Uk banks are now matching names for withdrawl
 

Yup, if it hasnt already, anytime in March up until 31st.

A poster has said elsewhere on this forum he has been having mismatched name troubles already, so its likely it has begun.

Im just hoping existing accounts with the withdrawal system setup wont be affected, suffice to say any new accounts need to be in the name of the bank account holder thats for sure. It should also work for Ayden as the same thing is going to happen there, but its easier to change to a name on an Ebay account than it is on a PP account.

Re: Uk banks are now matching names for withdrawl
 

Smaller providers to be exempt
Another significant change in the proposals is that only the major banking groups will be mandated to comply. These are: Bank of Scotland, Barclays, Cater Allen Limited, Coutts and Company, HSBC, Lloyds, Nationwide, NatWest, Royal Bank of Scotland, Santander and Ulster Bank Limited.
https://www.choose.co.uk/news/2019/b...payee-delayed/