Laura WilesThe PSR has fined the Bank of Ireland UK approximately £3.7m for implementing Confirmation of Payee requests over a year after the deadline. The safeguard was not applied to transactions involving more than 1.1m new payees, and payments totalling around £6.9bn.
The Bank had been directed to have a system in place to send and receive Confirmation of Payee requests by 31 October 2023 as part of a drive to combat fraud and give customers confidence when making online payments. The organisation ended up being the last ‘Group 1’ payment service provider to achieve compliance.
The PSR has said that the Bank was given plenty of time to implement the relevant safeguard, after the regulator confirmed the requirement in October 2022.