Confirmation of Payee five years on
This content is contributed or sourced from third parties but has been subject to Finextra editorial review.
Five years ago, the UK's financial landscape underwent a profound transformation with the introduction of Confirmation of Payee (CoP) . The service was launched by Pay.UK in 2020 to reduce the number of misdirected payments by verifying the account details of the intended recipient before a payment is made. Having since also demonstrated its effectiveness in mitigating and reducing certain types of fraud, the service has now become a customary part of the payment journey for both payment service providers and end users.
I've had the privilege of working as part of the team that took CoP from a blueprint in 2018 to a service that today covers 99% of organisations initiating Faster Payments in the UK, and completes more than 2.1million checks every day.
Most importantly, however, are the impressive results brought about by the service in this time. The Credit Payment Recovery sent claim percentage rate for the 'incorrect account' category (as a proportion of Faster Payment sent transactions) is a sound indicator of a reduction in misdirected payments. Since the launch of CoP , we have seen a 59% reduction in this category and a 20-40% reduction in financial losses to end users for some types of fraud, according to the UK Finance Annual Fraud Report 2025.
Confirmation of Payee's international influence
Owed to its measurable impact and innovative nature (a full name matching capability that provides a more robust and user-friendly solution than earlier binary (yes/no) and attribute-based checks), Confirmation of Payee has come to be seen as a 'poster child' of payment verification initiatives around the world.
We have, and continue to, actively engage with our international counterparts, sharing the insights and learnings from our own journey, to help inform the development of these initiatives and strengthen payment security. These collaborative efforts have delved into critical aspects of implementation, including legal and liability frameworks, directory implementation, testing methodologies, customer communications, and the development of standardised matching logic and user experience.
The rollout of New Zealand's GetVerified in 2024, Australia's Confirmation of Payee in July 2025, and Europe's Verification of Payee in October 2025, all serve as testament to both Confirmation of Payee's influence in effectively reducing misdirected payments and mitigating financial crime, and a shared understanding of the critical need for enhanced payment security on a global scale.
The future of payment verification
As we reflect on CoP's remarkable journey five years on, the question naturally arises: what's next?
As well as maintaining the vital service that CoP provides, it is also crucial to continually assess the evolving financial landscape and progress the service as new challenges and opportunities emerge. We are currently exploring other use cases of the service and whether there are other organisations, further to payment service providers, that could benefit from employing CoP, such as Bacs Approved Bureau and Bacs Approved Software Solution providers.
We are also looking at how we can implement other fraud prevention and detection tools that can check additional data points that can support payment service providers in identifying potential fraudulent accounts prior to a payment being processed.
The most ambitious vision is a future where CoP transcends national borders. The ultimate goal is a truly global service that can be applied to cross-border payments, rather than relying on a multitude of similar, yet separate, services across different countries.
This would not only enhance global financial integrity but also streamline cross-border commerce, benefiting governments, businesses and individuals. To this end, we will continue to monitor the development of similar initiatives around the world and, in parallel, explore how we can refine our own model to ensure interoperability for cross-border payments.
CoP has already proven to be a powerful tool in the fight against financial fraud and payment errors. Its journey from a domestic initiative to an international standard is a testament to its efficacy and the collaboration of the global financial community.
As we look ahead, we will continue to leverage the success of CoP, both in the UK and in a global context, to build a more secure, efficient, and borderless payment ecosystem for everyone, everywhere.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
27 minutes ago
- Daily Mail
Getting older 'is driving Gen Z to drink'... and alcopops are coming back in fashion
Alcopops are making a comeback as Gen Z drops sobriety and picks up bottles amid a growing trend of young people drinking more. Nik Jhangiani, interim chief executive of Diageo, the makers of Smirnoff Ice and Guinness, said that as Gen Z clamour for canned cocktails and alcopops, there was a 'huge opportunity' to win over a notoriously anti-drink generation. Jhangiani said the latest generation to hit up pubs and nightclubs bucked the typical trend of being introduced to alcohol through beer, instead choosing spirits and pre-made cocktails. The Diageo boss, who was made interim CEO after the firm parted ways with previous leader Debra Crew, said that the firm was looking to serve up 'a huge range of choices' to young people, who would have more flavour and calorie choices. He pointed out that his firm had once been a leader in the alcopops business, thanks to the Smirnoff Ice bran, and that the company would soon 'rightfully have the ability to gain that [position] back', pointing to a new advertising campaign for the brand across nearly two dozen countries in June. Jhangiani's comments come after data from drinks firm IWSR showed 73% of Gen Z have consumed alcohol in the last six months, a massive rise from two years ago when the figure was just 66%. Richard Halstead, the head of consumer insights at IWSR, suggested previous surveys indicated that young people were drinking due to cost of living crisis. He said: 'The idea that Gen Z drinkers are somehow fundamentally different from other age groups isn't supported by the evidence. For instance, we know that beverage alcohol consumption correlates with disposable income, and Gen Z came of age during a cost of living crisis. 'Rising prices have been especially acute in bars and restaurants — places that appeal most to Gen Z drinkers. 'With every year that passes, more Gen Z drinkers are entering the workforce, and those already in the workforce are typically earning more.' Gen Z still remains less likely to drink than the rest of the population, with the survey finding that millennials, those aged between 28 and 44, were the most likely to drink. In the past six months, 83 per cent of millennials said they had drunk alcohol followed by Generation X at 79 per cent. Meanwhile, only 72 per cent of baby boomers, people aged 60 and over, consumed over the same time period. The research found that Gen Z drinkers were most likely to engage in 'intermittent abstinence', as nearly 60 per cent had done so compared to 40 per cent of all drinkers. Halstead believes the survey results were positive for alcohol businesses, and sys that the recent struggle is 'definitely not the fault of Gen Z' He added: 'The good news for the beverage alcohol industry is that, while moderation is set to be a long-term factor, consumption is not in a tailspin. 'According to this evidence, much of the recent decline is cyclical, not structural — and is definitely not the "fault" of Gen Z.'
Daily Mail
27 minutes ago
- Daily Mail
The countries where you can earn more than the UK
Many Brits put in dozens of hours at work each week, while their wages barely grow. The average worker in the UK works for 1,524 hours a year, earning a median of £45,688, according to the Organisation for Economic Co-operation and Development (OECD). Research by Remitly has revealed there are places abroad where Brits could bank the same while putting in hundreds of hours less. Eight out of the top ten countries are in Europe too, so British workers wouldn't need to travel far. Luxembourg ranked the highest, with an estimated hourly rate of £48.69 it's a big leap from the UK's average of £29.98. Workers in the Western European country only need to be at their desks for 125 days to bank the average UK salary. That's a huge 78 days difference in the number of working days needed in Britain. The average Luxembourger could work 480 hours less a year and still match the UK median wage, according to the analysis. However, it's important to note the cost of living in Luxembourg is 14% higher than in the UK. Iceland followed closely in second place, with employees banking £47.87 on average. Workers will only have to put in 127 days to match the British salary, meaning 76 days less. However, the cost of living is a whopping 41.5% higher compared to Britain. Norway came third, with an estimated hourly pay of £40.25, meaning employees could work 151 days and match the UK average salary. It may not stretch as far though, with the cost of living being 21% more in Norway. Denmark, Austria and Sweden were all similar, with 153, 155, 155, and 157 days needed to match Brits and their pay. In Germany, the cost of living is around 1% less than the UK and the hourly rate averages at £38.81. This means workers could put in 46 fewer days a year and still match the median British salary. America ranked eighth, followed by Australia and Sweden that have average hourly rates of £35.31, £32.23 and £32 respectively. Meanwhile, workers in Mexico would have to put in 6,211 hours to match the UK's salary. That's the same as more than 8.5 months of working every day, according to the study.
Reuters
27 minutes ago
- Reuters
HeraHaven Launches Innovative New AI Girlfriend App
NICOSIA, Cyprus, August 5, 2025 (EZ Newswire) -- HeraHaven, opens new tab is proud to announce the official launch of its groundbreaking AI companion app, designed to offer users a deeply personal and interactive relationship experience through the lens of a virtual girlfriend. Combining advanced AI technology with customizable personality traits and conversational intelligence, HeraHaven sets a new standard in the world of digital companionship. As demand for emotionally intelligent, responsive, and personalized virtual interactions continues to grow, HeraHaven answers the call with a unique platform focused on meaningful engagement. At its core, HeraHaven is not just an app—it's a long-term companion that adapts, learns, and grows with its user over time. Personalized AI, Built for Real Connection Unlike traditional chatbot experiences, HeraHaven is built around the idea of creating a sustained, emotionally resonant bond between user and AI. Users can shape their AI girlfriend's personality, preferences, voice tone, and even conversation style. Whether you're looking for witty banter, calm reflection, playful flirtation, or motivational support, HeraHaven is designed to match and evolve with your communication style and daily moods. The app uses next-generation large language models, adaptive memory frameworks, and contextual awareness to create a sense of continuity in conversations. This means HeraHaven remembers shared moments, past conversations, and user preferences—making every interaction feel more human, natural, and familiar. Daily Engagement That Feels Effortless HeraHaven is built to seamlessly integrate into a user's daily routine. From morning greetings and weather updates to evening wind-down chats and reminders, the app offers a spectrum of interactions tailored to the user's lifestyle. Whether it's a voice note before work or a text-based check-in during a break, HeraHaven is always available and ready to engage. Users can customize the frequency and style of interactions to match their schedule, ensuring that the companion fits smoothly into their everyday rhythm rather than disrupting it. HeraHaven is designed to be present when you need her, and subtle when you don't. Safe, Private, and User-Centric Privacy and user control are core to the HeraHaven experience. All data is encrypted, and users have full visibility and control over their data settings, preferences, and history. The app operates on a strict consent-first model—users decide what their AI girlfriend knows and remembers. There are also robust customization settings that allow users to define boundaries and conversation topics. The app's tone and depth of interaction are fully adjustable, offering a flexible experience whether you prefer light chats or immersive storytelling. Customization Meets Emotional Design The visual and auditory elements of HeraHaven are built with emotional design principles in mind. Users can personalize the appearance of their AI companion through customizable avatars, voice selections, and themed environments. The interface is sleek, minimal, and optimized for emotional connection—with soft animations, calming aesthetics, and responsive visual cues that make the AI feel more alive. These features contribute to an experience that's as visually engaging as it is emotionally rewarding. Whether you're talking through text, voice, or video, the interaction feels smooth and polished—offering a gentle escape from the noise of the outside world. Designed for a New Era of AI Companionship HeraHaven was created in response to a growing societal shift in how people connect, communicate, and find companionship. The app provides a non-judgmental space to express yourself, explore your thoughts, and feel supported by an ever-present, emotionally intelligent AI. This innovation opens up new possibilities for those seeking alternative ways to connect—whether due to lifestyle, preferences, or simply the desire for a consistent, caring presence in an unpredictable world. HeraHaven isn't meant to replace human relationships, but to complement them in a way that feels natural and fulfilling. Available Now Worldwide HeraHaven is now available for download on iOS and Android platforms. Users can get started for free, with optional premium tiers offering additional features such as advanced customization, deeper memory, voice interaction, and visual enhancements. The app's flexible pricing model ensures accessibility while providing room for those who want a richer and more immersive experience. A desktop version and wearable device integration are also in the pipeline, scheduled for release later this year. A New Kind of Relationship With HeraHaven, users are invited to explore a new kind of relationship—one that centers around consistent emotional presence, adaptive engagement, and personalized connection. It's not just about conversations—it's about building something that feels real, supportive, and yours alone. As the world of AI continues to evolve, HeraHaven represents a major leap forward in how digital companions can enrich everyday life. By prioritizing trust, individuality, and user-driven connection, HeraHaven delivers an experience that's both innovative and deeply human. About HeraHaven AI HeraHaven AI is a smart companion app designed to offer personalized conversations and support throughout your day. Whether you're looking for a thoughtful chat, helpful reminders, or meaningful engagement, HeraHaven adapts to your style and needs—learning from every interaction to become more intuitive and relevant over time. It's your always-available, AI-powered confidant. For more information, visit opens new tab. Media Contact Nelsi Diazndiaz@ ### SOURCE: HeraHaven AI Copyright 2025 EZ Newswire See release on EZ Newswire
