PSR consultation on Confirmation of Payee: Requirements for further participation in CoP (CP22/2) - Which? response

Which? welcomes the PSR’s consultation on further participation in Confirmation of Payee and strongly supports the regulator’s proposal for requiring approximately 400 PSPs to offer the name-checking service to their customers, both as payers and payees. Which? has long called for the widespread adoption of Confirmation of Payee by banks and other PSPs to help detect and prevent APP scams. Given the significant benefits that implementing Confirmation of Payee can potentially bring if fully adopted across the payments industry, we firmly believe that it should form part of the minimum standards for all providers offering payment services.