Confirmation of Payee Service for Payment Security.
Adhering to Pay.UK and Payment Systems Regulator
Exela's Confirmation of Payee service for UK account to account payments aims to eradicate fraudulent and misdirected payments. As one of the first few to launch Confirmation of Payee system, Exela has successfully delivered CoP services conforming to the Pay.UK Phase 1 and Phase 2 requirements.
Onboard to Confirmation of Payee Phase 2 today.
Confirmation of Payee Service for Payment Security.
Adhering to Pay.UK and Payment Systems Regulator
Exela's Confirmation of Payee service for UK account to account payments aims to eradicate fraudulent and misdirected payments. As one of the first few to launch Confirmation of Payee system, Exela has successfully delivered CoP services conforming to the Pay.UK Phase 1 and Phase 2 requirements.
Onboard to Confirmation of Payee Phase 2 today.
Features of Exela Confirmation of Payee Service
- Quick response time ~100ms
- End-to-end audit and reporting
- Manages complex account names
- Decades of tuning for accuracy
- Industry Leading API
PSR Confirmation of Payee
The recent announcement from the Payment Systems Regulator stated its plan to include 400 more financial firms under the Confirmation of Payee (CoP) umbrella.
Confirmation of Payee service in the UK will increase coverage from 92% to 99% of transactions, worth around £2.5 trillion. Starting with six biggest banking groups back in 2019, 33 financial organizations are currently offering CoP, and this number is constantly growing.
PSR Confirmation of Payee
The recent announcement from the Payment Systems Regulator stated its plan to include 400 more financial firms under the Confirmation of Payee (CoP) umbrella.
Confirmation of Payee service in the UK will increase coverage from 92% to 99% of transactions, worth around £2.5 trillion. Starting with six biggest banking groups back in 2019, 33 financial organizations are currently offering CoP, and this number is constantly growing.
Reliability and Visibility with Exela CoP
Exela CoP uses AI and advanced matching algorithms to tackle problems relating to issues for name matching, such as missing components, spelling differences, truncated names and so on.
Exela’s Confirmation of Payee system offers high efficiency with a turnaround of ~ 100ms, enabling highly accurate matching results. In addition, it stores requests and responses, providing a complete audit trail and keeping the process transparent.
Reliability and Visibility with Exela CoP
Exela CoP uses AI and advanced matching algorithms to tackle problems relating to issues for name matching, such as missing components, spelling differences, truncated names and so on.
Exela’s Confirmation of Payee system offers high efficiency with a turnaround of ~ 100ms, enabling highly accurate matching results. In addition, it stores requests and responses, providing a complete audit trail and keeping the process transparent.
Payee confirmation with Exela CoP
Rapid Confirmation of Payee system deployment
Exela offers rapid deployment for our cloud-based hosted CoP services for UK banks. This ensures that the service is uninterrupted, fast and reliable. In addition, the data is backed up to strategically placed servers to guarantee no information is lost.
Exela’s account name validation services have been protecting over 400 banks across Europe while constantly evolving and fine tuning the offering for over 30 years.
Rapid Confirmation of Payee system deployment
Exela offers rapid deployment for our cloud-based hosted CoP services for UK banks. This ensures that the service is uninterrupted, fast and reliable. In addition, the data is backed up to strategically placed servers to guarantee no information is lost.
Exela’s account name validation services have been protecting over 400 banks across Europe while constantly evolving and fine tuning the offering for over 30 years.
ABOUT EXELA
Exela Technologies, Inc. (Exela) is a global business process automation (BPA) leader, combining enterprise software and solutions with decades of experience. Our BPA solutions are deployed through a secure, cloud-enabled delivery model to support mission-critical operations in banking, healthcare, insurance, high tech, manufacturing, telecommunications, and other industries. Exela partners with customers to increase efficiency, drive productivity, and improve user experience. We work with over 4,000 customers in more than 50 countries, including more than 60% of the Fortune® 100.
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