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New "Confirmation of Payee (COP)"

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New "Confirmation of Payee (COP)"

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10_6610_66 Forumite
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With regards to joint bank accounts with the new COP checks that banks will be making:
I have a joint bank account with OH (our main bank account), although it's joint all the statements are issued separately to both my sole name and to OH's sole name (ie never to our joint names).  If I should need to give an organisation this bank account details for a payment they need to make to me, do I supply just my sole name or our joint names for the COP check to be accurate?
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  • mwarbymwarby Forumite
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    Depends on what your asked for, I think it’s a bit too early to say. From what I’ve heard there will be some form fuzzy matching anyway(eg John middle Smith could be matched against Jon smith)
  • xlnc99xlnc99 Forumite
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    Have we got a confirmation date of when this is going to start taking in effect? I was told by my bank Barclays its already started
  • edited 4 March at 8:36PM
    mwarbymwarby Forumite
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    edited 4 March at 8:36PM
    My apologies, things must have moved on, I wasnt aware it was live

    from what I can see there are 3 states that can result from check yes, no and maybe. I would hope that a name on a joint account would worse case be maybe, not no
  • xlnc99xlnc99 Forumite
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    Well im not sure it is. My bank says it is but for all i know he could be talking cobblers. From what i read by 31st March 2020 every bank will abide by this. So it could be alot of banks have started now already or it could be they will start by 31 march

    Anyone got clarification on this?
  • bubieyehyehbubieyehyeh Forumite
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    Will this COP mean the faster payments payees have to have the correct names. Most of my payees would be me, since they are accounts at other banks or building societies. However I currently set the name field to something more useful, so I can quickly tell which payee is which, without having to check the account number or payment reference. In particularly a issue with small building societies which have a common account number, and you put your account number in the reference field. So far only Santander have the sence to have a "nickname" field in their payee setup.
  • VortigernVortigern Forumite
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    So far only Santander have the sence to have a "nickname" field in their payee setup.
    Tesco has something similar.

  • born_againborn_again Forumite
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    It needs to be payed to what ever Account name is So on a joint acc that is often "A & N Other"
    On my way to retirement. Thanks to Covid 19. 
  • xlnc99xlnc99 Forumite
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    Will this COP mean the faster payments payees have to have the correct names. Most of my payees would be me, since they are accounts at other banks or building societies. However I currently set the name field to something more useful, so I can quickly tell which payee is which, without having to check the account number or payment reference. In particularly a issue with small building societies which have a common account number, and you put your account number in the reference field. So far only Santander have the sence to have a "nickname" field in their payee setup.

    Good point i too have different names for my accounts. One of my accounts is even named after my GF! I guess this is going to change now as banks will reject all payments. In theory its a good idea by banks. Shame its taken them 20 years to think of this
  • mwarbymwarby Forumite
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    I'm pretty sure for COP its name as in the name of the person, company name or trading name. The nicknames for the account is just to help you keep track of the accounts (eg I opened that savings account to save for a new car or holiday). If it used nicknames scammers would use it to create accounts like HMRC investigations, or anybank safegaurding account
  • NedSNedS Forumite
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    xlnc99 said:
    Have we got a confirmation date of when this is going to start taking in effect? I was told by my bank Barclays its already started
    My understanding is that rollout was delayed, although I can't find any reference for that or give any indication of how long the rollout was delayed for.
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