At tell.money, we recently hosted an insightful webinar to demystify the process of participating in Confirmation of Payee (CoP). During the session, we received several questions from attendees, highlighting common concerns and areas of interest. In this blog post, we’ll address these frequently asked questions to help you better understand CoP and its implementation.
What is Confirmation of Payee (CoP)?
Answer: Confirmation of Payee (CoP) is an account name-checking service designed to verify that payments are being sent to or collected from the correct account. This service helps prevent accidental and fraudulent misdirection of payments, ensuring that funds reach the intended recipient.
Why is CoP important for my business?
How does CoP work?
What are the benefits of using CoP?
What participation models are available for CoP?
What is the implementation timeline for CoP?
What options are available for integrating CoP services?
Can I enable request services without the response services initially?
How can I get started with CoP?
Understanding and implementing Confirmation of Payee is a crucial step for businesses to enhance security, comply with regulations, and build customer trust. Our recent webinar provided valuable information, and we are here to support you every step of the way.
For more detailed insights and support, reach out to us today.
