Fighting fraud with Payer Name Verification

The Payer Name Verification (PNV) and PayPoint Confirmation of Payee (CoP) services offer the reassurance you need to avoid accidental, misdirected or potentially fraudulent payments. They also ensure that payments are taken from the correct account.

PayPoint provides both CoP and PNV services

CoP and PNV checks are a great weapon against scams. They check that the details of the account given by the Payee and the Payer match the account number, sort code, and name registered with the bank. This is done through secure APIs or a web portal.

Save time and avoid risk - checks include:

Bank details against the name of the Payee or Payer
Minor differences in naming, i.e. Daniel Smith / Danny Smith
Validation of account type – business or personal
Account switching notification

The benefits to you of CoP and PNV

Know your customer

Check account details as part of your onboarding process and before making payments to your customer.

Carry out ongoing payee checks

Ensure that invoice payments are made to bona fide business accounts and not personal accounts, reducing the risk of fraud.

Manage your payroll

Check new employee bank account details and verify account change requests for current employees.

Onboard new suppliers with confidence

Guarantee that correct account details are captured during the supplier set-up process.

Risk-free Direct Debit set-up

Check that a customer setting up a Direct Debit is the account holder, reducing the chance of an indemnity claim.

Stay compliant

Aid compliance with Modern Slavery and Anti Money Laundering legislation by avoiding payments to ‘bad actors’.

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