Skip to content
Search
AI Powered
Human content, AI powered search.
Latest Stories

PayPoint issues 'call to arms' over Confirmation of Payee aggregator deadline

PayPoint issues 'call to arms' over Confirmation of Payee aggregator deadline
Photo: iStock
Getty Images
Andy Marino
By Andy MarinoJul 03, 2024
Andy Marino
See Full Bio

PayPoint today announced a call to arms for Group 2 Payment Service Providers (“PSP”) yet to implement the Confirmation of Payee (CoP) service ahead of the mandated deadline of 31 October 2024, to take action now.

CoP is an account name-checking service designed to help reduce misdirected payments and provide greater assurance that they are being sent, and collected from, the intended account holder. The service was developed and owned by Pay.UK and offered by PayPoint as part of their Open Banking solutions.

The Payment Systems Regulator issued Specific Direction 17 (”SD 17”) in October 2022 requiring directed PSPs to provide Confirmation of Payee. SD 17 requires organisations to implement CoP by 31 October 2024.

“Firms that are yet to take action over the engagement of a CoP aggregator, ahead of the October deadline, are increasingly at risk of facing a bottleneck of companies rushing to meet the date," said Jo Toolan, Managing Director, Payments at PayPoint.

“We have thus far had huge success supporting businesses with the implementation of both CoP Respond and CoP Request. Not only has this enhanced and safeguarded their own operations, but it has brought a much-needed additional layer of security to their customers and clients.”

PayPoint is able to support PSPs by offering Pay. UK’s CoP service as a SAAS solution prior to the October deadline for both CoP Request (also known as CoP Out), and CoP Respond (also known as CoP In). Delivery options include API integration or File based (batch) processing depending on the needs of an organisation, with portal options for in-branch and back-office use too. The onboarding process is straightforward and typically takes 10-12 weeks. Implementation is managed by a dedicated team of experts who have supported institutions of all sizes – from the world’s largest banks, to building societies to niche institutions.

group 2 payment service providersjo toolanpaypoint

Related News

Food and drink giants under pressure to act on public health
Editorial

Food and drink giants under pressure to act on public health

Freight crime cost over £680 million
Industry News

Freight crime cost over £680 million

More for you

Volumatic welcomes new FCA rules safeguarding access to cash

Volumatic welcomes new FCA rules safeguarding access to cash

As industry leaders is cash handling, Volumatic has long supported the use of cash and the importance of maintaining access to cash for both consumers and businesses. The company recognises the importance of the new set of rules created by the Financial Conduct Authority (FCA) two months ago, to safeguard access to cash for businesses and consumers across the UK.

Since introduction, the new rules are intended to ensure that individuals and businesses who rely on cash can continue to access it and the outcome has already sparked the creation of 15 new banking hubs across the UK, including one in Scotland, with many more to follow.

Keep ReadingShow less
Jisp unveils new NPD service

Jisp unveils new NPD service

Retail technology company Jisp has launched an NPD service as part of its new Direct to Retailer business unit.

The new NPD service will allow brands to launch or trial new products in a guaranteed number of convenience store locations, with on the ground review of execution by Jisp’s retail growth manager team, and performance data and insights deliverable through its scanning technology and back-office systems.

Keep ReadingShow less
Tesco launches price cuts in Express convenience stores
File image of Tesco Express

Tesco launches price cuts in Express convenience stores

Tesco is slashing the price of more than 222 own-brand and branded products in its Express convenience stores.

Essentials including milk, bread, pasta and coffee are included in the lines which have been reduced in price by an average of more than 10 per cent at Tesco Express stores. The retail giant has made more than 2,800 price cuts across stores in recent months. With 2,048 of convenience stores at the end of the 2023-24 financial year, Tesco aims to benefit hundreds of thousands of customers from the cheaper deals.

Keep ReadingShow less
vape and cigarette
Photo: iStock

One in five ex-smokers in England now vape, study finds


Summary
1. One in five people who have successfully quit smoking in England currently vape, with an estimated 2.2 million individuals using e-cigarettes as a smoking cessation tool.
2. The increase in vaping among ex-smokers is largely driven by the use of e-cigarettes in quit attempts, with a rise in vaping uptake among people who had previously quit smoking for many years before taking up vaping.
3. While vaping may be a less harmful option compared to smoking, there are concerns about the potential long-term implications of vaping on relapse risk and nicotine addiction. Further research is needed to assess the impact of vaping on smoking cessation outcomes.


Keep ReadingShow less
Bira engages with Treasury on Budget fallout, business rate reform
(Photo by Christopher Furlong/Getty Images)
Getty Images

Bira engages with Treasury on Budget fallout, business rate reform

Independent retailers association Bira has held a meeting with members of the Treasury team to discuss concerns following its robust response to the Government’s recent Budget announcement.

The Budget, labelled by Bira as "devastating" for independent retailers, was met with widespread indignation from Bira members.

Keep ReadingShow less