PSR sets out proposals for further participation in CoP

In continuation of its delivery of Confirmation of Payee (CoP), the PSR is consulting on proposals to require a further c.400 PSPs to offer CoP to their customers (both as payers and payees).

The PSR is proposing that this latest roll out will happen in two stages:

• Group 1 will be prioritised based on the complexity and size of the institution and/or firms where the adoption of CoP could have the biggest impact in preventing APP scams. This group will need to have implemented CoP by 30 June 2023;
• Group 2 includes all other firms which either (i) use unique sort codes or (ii) are building societies using a Secondary Reference Data reference type. This group will need to have implemented CoP by 30 June 2024.

The consultation closes on 8 July 2022.