Understand how Crezco uses confirmation of payee for GBP accounts.
What is Confirmation of Payee?
CoP, short for Confirmation of Payee, is your trusted ally in making sure that your payments reach the right person or business. It's a helpful tool that verifies account details, ensuring that your hard-earned money goes exactly where you intend it to. CoP is all about safeguarding your transactions and putting up a strong defense against fraud and scams.
How Does Confirmation of Payee Make a Difference for You?
Imagine sending money to a friend or business contact, and your banking app throws up a warning that the account details can't be verified. Doubts start to creep in about whether you've got the right information. Confirmation of Payee puts those doubts to rest. Your account details, like the name, account number, and sort code, now get validated in real-time before you hit that send button. This means sender can trust that their funds are going to the right place every time.
Who Can Benefit from Confirmation of Payee?
Confirmation of Payee (CoP) is a vital security step for international payments, specifically applied to the first international Open Banking (OB) transaction. CoP only affects the first FX Accounts Payable (AP) payment, not all GBP transactions. We are actively working to expand support for special characters in account details. For smooth and secure transactions, refer to our support guide for additional information.
We're here to make your transactions smooth, secure, and worry-free.