Reduce your risk when collecting or making payments with Finastra Bacsactive-IP's Confirmation of Payee service (Factsheet)
Finastra Bacsactive-IP's Confirmation of Payee (CoP) service helps businesses verify that they are sending payments to, or collecting money from, the right account holder. This gives peace of mind when making high-risk, high-volume or high-value transactions.
Confirmation of Payee (CoP) is now integrated within Finastra Bacsactive-IP. CoP helps businesses verify that they are sending payments to, or collecting money from, the right account holder. This gives peace of mind when making high-risk, high-volume or high-value transactions. It works by performing a real-time check with the bank of the account holder, verifying that the account details provided are correct, that the account exists and that it belongs to the name provided.
