Confirmation of Payee
The UK account name-checking service, run by Pay.UK, that compares the payee name with the receiving account.
Confirmation of Payee is an account name-checking service in the UK, run by Pay.UK, designed to help reduce misdirected payments and give greater assurance that payments are sent to, and collected from, the intended account holder for UK domestic payments. It is a scheme operated by the industry body rather than a term defined in statute. For agents, the point is the same as for any name check: the result must reach the customer before the payment is made.
Agent Minute explains this term on 9 March 2027.
Related terms
Verification of payeeA check, before a credit transfer, that the payee's name matches the account the money will go to.APP fraud reimbursementUK rules requiring payment firms to reimburse victims of authorised push payment scams, within set conditions.Credit transferA payment pushed from the payer's account to the payee's account on the payer's instruction.Instant paymentA credit transfer executed within seconds, at any time of day, every day of the year.