The Payment Systems Regulator (PSR) has set the implementation date for Confirmation of Payee (COP). Members of the UK’s six largest banking groups are required to fully implement CoP by 31 March 2020.
The specific direction 10 follows the PSR’s consultation on the draft direction PSR CP19/4 in May 2019 that sets out that:
- From 31 December 2019 directed PSPs must respond to CoP requests, and
- From 31 March 2020 directed PSPs must send CoP requests and present responses to their customers.
For further information visit https://www.psr.org.uk/psr-publications/policy-statements/specific-direction-10-confirmation-of-payee
PIF Member Resources:
Visit the members’ area to download our guide Confirmation of Payee & Implications for PIF Members