Confirmation of payee not used by some banks and building soceites

TheWoodler

@masonic - they did as a sending bank, but the reciprocal element as a receiving bank or ‘CoP responder’ is more recent. They put an announcement out to that effect on their social media in May. 

It was only when I opened the 2.6% Fixed Saver last month that my bank applied CoP and recognised the details of the Atom account I’d created a minute prior, demonstrating that information sharing between banks using CoP is instant - which can only be good for security. 

For previous Atom accounts, even as recently as April, that wasn’t the case, consistent with the Atom announcement.

masonic

TheWoodler said:

@masonic - they did as a sending bank, but the reciprocal element as a receiving bank or ‘CoP responder’ is more recent. They put an announcement out to that effect on their social media in May. 

It was only when I opened the 2.6% Fixed Saver last month that my bank applied CoP and recognised the details of the Atom account I’d created a minute prior, demonstrating that information sharing between banks using CoP is instant - which can only be good for security. 

For previous Atom accounts, even as recently as April, that wasn’t the case, consistent with the Atom announcement.

Interesting. It definitely was there in May for me (that was my first account). Perhaps I timed it just right. I am quite surprised the earlier system worked just in one direction (arguably the wrong direction), given the fanfare with which they announced it.

LHW99

JGB1955 said:

EdSwippet said:

masonic said:

The humble £1 test payment still has its place, ...

Recently, my bank (first direct) blocked a second large payment that I made after exactly this, a £1 test payment made a day earlier, receipt verified. On having it out with them, they stated that a small payment followed by a much larger one is apparently one of their signals of fraudulent or suspicious account activity, so they blocked the second payment.

This seems bonkers to me, since it disincentivises one of the main ways of verifying payment details absent CoP. I pointed this out. They took no notice. Shrug.

Certainly bonkers - just paid £1 to OakNorth (because Nationwide weren't happy with it) followed by 19,999 10 minutes later (because I knew the first quid was there...)

It seems to happen with First Direct. I've tried sending a test payment, only to have a larger one stopped by their security systems.

masonic

LHW99 said:

JGB1955 said:

EdSwippet said:

masonic said:

The humble £1 test payment still has its place, ...

Recently, my bank (first direct) blocked a second large payment that I made after exactly this, a £1 test payment made a day earlier, receipt verified. On having it out with them, they stated that a small payment followed by a much larger one is apparently one of their signals of fraudulent or suspicious account activity, so they blocked the second payment.

This seems bonkers to me, since it disincentivises one of the main ways of verifying payment details absent CoP. I pointed this out. They took no notice. Shrug.

Certainly bonkers - just paid £1 to OakNorth (because Nationwide weren't happy with it) followed by 19,999 10 minutes later (because I knew the first quid was there...)

It seems to happen with First Direct. I've tried sending a test payment, only to have a larger one stopped by their security systems.

Strange that other people have had problems with First Direct. That's not been my experience at all. I guess it depends on your normal account activity.

Daliah

masonic said

Strange that other people have had problems with First Direct. That's not been my experience at all. I guess it depends on your normal account activity.

It's reassuring that there is a randomness in the checks. They'd be a fraudster's paradise if they were predictable.

juw8e7

Do not all UK Banks and Building Societies offer Confirmation of payee now? I thought it was only Metro Bank that didn't.

friolento

There's a very long list of Group 2 PSPs who have until October 31 2024 to implement COP. Metro Bank is a Group 1 PSP and should have had it implemented since 31 October 2023.

https://www.psr.org.uk/media/t3cjlksg/cop-group-2-psp-list.pdf

newatc

Tesco doesn't have CoP and a recent ISA fixed bond required one only payment so a test deposit wouldn't work. I wanted to pay 20K in and having seen the deposit terms, I found somewhere else to receive my business.