How does Confirmation of Payee work?
Before a payment is sent, the Confirmation of Payee system will compare the details entered by the payer, against the details held by the recipient’s bank, to provide the payer with a match outcome. If a ‘match’ is confirmed, the payer can proceed with a high level of confidence that their money is going to the intended recipient. For outcomes like ‘close match’ or ‘no match,’ the payer can choose to pause and verify the details with the recipient, continue with the payment anyway, or cancel the payment entirely.