A fair CoP, anyone?

polymaff

A distinct lack of imagination by some.

The worst of all possible worlds is a supposed reducer of risk that ends up a) not working and b) dumping the risk back on you.

CoP is a good idea. It should prevent both fraud and error - but only if it actually works.  Perhaps it will - eventually. At present though, if my experience is anything to go on, its a safety net made of gossamer.

The circumstances, btw.  I planned to move a six-figure sum from a joint account in bank A to two individual accounts in bank B with the Halifax as the intermediary. To get it all done in one day without actually going to a Halifax branch, I created payees from otherwise-unused his and her's sole Halifax Reward accounts to his and her bank B accounts, and made a £5 test payments to each.  That's where CoP fell over, as described.

Bank A had already written to me saying that they would pay the sum by fps the morning after maturity of a bond if I nominated a destination account in another bank but that they would "test" the transaction and, if the test failed, would instead send me a cheque up to 5 working days later. I called bank A and asked if this test would involve CoP. "What's that?" .

It went ok. They really did fps the entire sum the morning after maturity and by midnight those two sole Halifax Reward accounts had pumped well more than the Halifax's stated £35k internet+telephone banking payment limit to the two sole accounts in bank B.

Chino

polymaff said:

That's where CoP fell over, as described.

Where did you describe that Halifax's Confirmation of Payee "fell over"?

All you described in your OP was that it didn't work as you felt it ought to.

eskbanker

polymaff said:

Is it just that the Halifax is the only institution attempting to use CoP so their enquiries never get an answer?

Not sure if there's any firm evidence of this but I'm pretty sure I read on here that LBG brands had soft-launched their implementation, with the implication that the others hadn't yet done so - I don't know enough about the details of how it's being introduced by each of the banks in terms of whether they'll have opened up responding to CoP requests ahead of starting to send them though?

However, now that the PSR have said they won't be holding banks to the end March implementation deadline, it seems inevitable that some will have taken their foot off the gas, and in any case it was only a subset of them (granted, the majors) - who is your bank B?

https://www.psr.org.uk/psr-publications/news-announcements/psr-update-on-implementation-of-CoP

polymaff

Sorry for the delay but this new MSE doesn't seem to reliably send links by email to threads you've contributed to.

Had to make payment from my Halifax account to a Samaritan's Lloyds account so all within LBG, this evening.  After emails back and forth as to the Payee's ID, at the fourth attempt the Halifax came back with a "We reckon that you are attempting to Pay [our local community association]" - so that could be called progress. I agree, though, that the Halifax may have jumped the gun.

Bank B, by the way,  was Marcus, then Santander (similar new payee account - failed on both)  Tonight's was all within LBG.

Or should that be NBG?