The Payment Systems Regulator (PSR) has consistently considered the widespread adoption of CoP in UK payments to be a key priority and consulted on further measures that would see around 400 new firms providing this service to their customers.
Today, PSR are directing around 400 payment service providers (PSPs), to implement a system to offer the CoP name checking service to their customers (both as payers and payees). This will help to reduce authorised push payment (APP) fraud and accidentally misdirected payments.
The new direction represents PSR's ambition to achieve near ubiquity of CoP and
protect a greater number of payment system users.
PSR believes that providing this service to consumers, regardless of who they make a
transaction with, should be a priority for all firms, which is why they are giving
this direction. This is particularly important as the number of APP scams has
continued to rise.