The Payment Services Regulator (PSR) has issued ‘Specific Direction 17: Expanding Confirmation of Payee‘ (CoP) which is intended to ensure that more of those who make use of CHAPS or Faster Payments benefit from CoP.
In the schedule to the direction the PSR lists by name 32 large financial institutions (Group 1) who will be required to have implemented CoP by 31 October 2023.
Any other firm which is a payment service provider not listed in Group 1 that:
- is a participant in Faster Payments or CHAPS;
- conducts relevant business;
- does not have a CoP system in regular operation as of 24 October 2022; and
- is a building society, or has a unique sort code listed on the Extended Industry Sort Code Database (EISCD),
will fall into Group 2 and be required to have implemented CoP by 31 October 2024.