In April 2016 Payments UK set out to prove that APIs offer a technically viable option to address a known industry challenge - to make confirmation of payee (CoP) part of the payments process. The objective was to learn and technically prove the basic elements required to confirm the payee for a payment – using a collaborative industry approach, with APIs as the underlying technical solution.
In addition to this ground-breaking and ambitious core vision we also wanted to ensure our findings and techniques were reusable and could be redeployed for PSD2. The CMA’s Open Banking API remedy has made this ambition even more of a priority. In our proof of concept we involved a range of active participants that have all helped to drive the work. You may also be aware that the recent Which Super Complaint has also raised the public profile of Confirmation of Payee and this complaint is being considered by the PSR.
We have socialised the findings and thought leadership on this important initiative more widely through our well received Confirmation of Payee stakeholder event on 31st October.