PayPoint and Obconnect sign Newbury Building Society for Confirmation Of Payee (CoP) service
PayPoint and Obconnect were thrilled to see Newbury Building Society, a well-respected financial institution committed to serving its members with excellence, sign up to our Confirmation of Payee (CoP) solution before the Pay.UK directory closed in May 2024.
CoP is a significant step forward in reducing fraud, ensuring payment accuracy and providing peace of mind for Newbury Building Society’s members. Our innovative product cross-references account names with account numbers and sort codes in real time, meaning money can be transferred securely to the intended party.
This partnership reflects Newbury Building Society’s dedication to protecting its customers from the increasing threat of payment scams and misdirected payments. It also strengthens PayPoint and Obconnect’s joint mission to enhance security and trust in financial transactions.
By introducing CoP, banks, building societies, payment service providers (PSPs) and businesses can save thousands of pounds and better protect their customers. Find out more here.