Please delete my forum account delete delete delete delete delete delete hostage taker

dunstonh

I think the regulators should make it mandatory that all banks and other financial institutions implement the "exact account name" system.

I quite like how it is now.  i.e. if the name is a near match it will give you the receiving account name and ask you to verify but if its not a close match it will tell you that it doesnt match.

An exact name would be difficult to implement and unnecessary. i.e xyz number 2 account.    xyz No 2 a/c and other variations.  Plus, you can have account names that are longer than the number of chars allowed to input on bank transfers.

The current system of wildcard matching works better than exact match.  

eskbanker

dunstonh said:

I think the regulators should make it mandatory that all banks and other financial institutions implement the "exact account name" system.

I quite like how it is now.  i.e. if the name is a near match it will give you the receiving account name and ask you to verify but if its not a close match it will tell you that it doesnt match.

An exact name would be difficult to implement and unnecessary. i.e xyz number 2 account.    xyz No 2 a/c and other variations.  Plus, you can have account names that are longer than the number of chars allowed to input on bank transfers.

The current system of wildcard matching works better than exact match.  

I could be wrong but don't think OP was suggesting 'the "exact account name" system' to mean anything other than the current Confirmation of Payee implementation, albeit desiring it to be applied across the board, which I understand to be the intention, once the six major banking groups have ironed out the wrinkles (the PSR effectively mandated that they went first).  The agreed CoP mechanism has always entailed the partial match option as well as exact matches, as only allowing the latter is unworkable for the reasons discussed above.

swaledale_one

When you pay one of your accounts ensure where it asks what the payment is for actually put in the banks name ie your santander is paying your monzo so put in £100 payment is for Monzo do the same for your Lloyd's and same for natwest etc etc.  The following month when making payments and your unsure what account your paying click on the account and when you go to finalise payment the name of the account you put in will pop up. It's long winded process but makes things easier

happy_hazelnuts

At the risk of prolonging this thread even further, the degree to which having a nickname field is important to you will determine which bank you choose to give your business to..

wmb194

IIRC in the browser version isn't each payee given a "mandate" number? Simply make a note somewhere of which mandate relates to which account. In the iPad version you are shown the reference field in the payee list so I have placed my account nicknames here. This won't work so well where you need to use the reference field to direct the payment but it does narrow the field.

Stompa

wmb194 said:

IIRC in the browser version isn't each payee given a "mandate" number? Simply make a note somewhere of which mandate relates to which account.

Yes, there's a unique number in the left-hand column. I've been doing it that way for years. A nickname field would be preferable though.

eskbanker

Deleted_User said:

dunstonh said:

I think the regulators should make it mandatory that all banks and other financial institutions implement the "exact account name" system.

I quite like how it is now.  i.e. if the name is a near match it will give you the receiving account name and ask you to verify but if its not a close match it will tell you that it doesnt match.

An exact name would be difficult to implement and unnecessary. i.e xyz number 2 account.    xyz No 2 a/c and other variations.  Plus, you can have account names that are longer than the number of chars allowed to input on bank transfers.

The current system of wildcard matching works better than exact match.  

The reason I used the words "exact account name" is because those were the words that confronted me when I set up a new payee recently. I just copied the bank's own words into this thread. Precisely how "exact" the name must be will become evident due course and I'm not planning to go on a week's course to find out.

Nobody's forced to spend time researching the Confirmation of Payee initiative if they choose not to, but if you're going to call for it to be mandated across the industry then it doesn't do any harm to have at least a passing understanding of what it is, what it's called, and what has already been agreed about its implementation!

https://www.ukfinance.org.uk/confirmation-of-payee