What is confirmation of payee?
To help prevent fraud and reduce the risk of scams being successful, like other UK banks and building societies, we will check that the name on all Faster Payments and CHAPS payments matches the name of the account to which the payment is being made.
This is known as ‘Confirmation of Payee’ and allows anyone making a payment the opportunity to check that the payment is genuine and stop incorrect/fraudulent payments being made.
When making a payment you will need to:
- have the first and last name of the person or business you want to pay. For joint accounts, you will only need the first and last name of one of the account holders
- confirm whether you are paying a personal or business account – we will notify you if your payment type is incorrect
- be confident you’re paying the correct person or business – if you are notified that the name check has been unsuccessful and you choose to continue with your payment, we may not be able to recover your funds if they’re sent to the wrong account.