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UK Finance explains COP

UK Finance has updated its website to explain how banks are introducing Confirmation of Payee over the next few months, to give customers greater assurance that they are sending payments to the right recipient.

UK Finance says customers should ensure they know the exact name details on the account they are paying and should provide their exact details to anyone wishing to pay them.

With these extra details, customers and businesses should take care and make further checks if details do not match, or if they are asked to proceed with a payment where the details do not match.

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Emma Radmore