Confirmation of Payee

Confirmation of Payee (CoP) is a service that verifies the name and account number you provide against the details held by the recipient’s bank.

It's important to understand that CoP is a pre-payment check. After the name is verified, you will still need to give final approval for the payment to be processed.

CoP has been introduced to help protect people from being a victim of scams. Scammers try to trick people into sending money to criminals who pretend to be someone else.

The CoP service will also help you avoid mistakes, such as typing the wrong account details when setting up a new payment.

When you set up a new single payment or update an existing regular payment to fund your Monmouthshire Building Society savings or mortgage account, a CoP check will be carried out to verify the name and account details on your account.

As you are funding your personal savings or mortgage account you must ensure to select the ‘Personal’ type within your financial services providers mobile app.

The Monmouthshire Building Society’s bank account number and sort code remains the same and can be found within our FAQs page.

The Payee name is your full name (the account holder).

The Payee reference is your Monmouthshire Building Society savings or mortgage account number.

Your financial services provider will then compare the details you have provided against your Monmouthshire Building Society account and advise on the outcome. You’ll receive one of four possible results: match, partial match, no match, or unable to check account. If any details do not match, you’ll be advised to double-check the details entered.

The Confirmation of Payee service provides four possible results:

1. Account name is a match
2. Account name is a close match
3. Account name is not a match
4. Unable to check the account

Your financial services provider may give you more details about the result, depending on the situation. For example, if you’re paying a personal account but the payee is a business, they’ll let you know.

Match – The details you entered match the person or business you're trying to pay.

All the information you provided is correct, and the account details matches the name.

Partial match – The account is registered to someone with a similar name.

If the name you entered is close but not exact, your financial services provider will show you the correct name linked to the account. You can update the details, or decide not to proceed.

If you choose to proceed with sending finds to a “partial match”, the payment will be sent at your own risk – if this results in the payment being sent to the wrong account, we may not be able to recover it.

No match – The name or reference you entered doesn’t match the account details, and isn’t similar. You’ll need to contact the person or company you’re paying to check their account details.

If you continue with the payment, you accept the risk that if the payment is sent to the wrong account, we may not be able to recover the money.

If the account holder is under 13, you’ll see a ‘No match’ result and Monmouthshire Building Society won’t share the name on the account.

Please note for any new accounts opened payments made into the account within 48 hours of opening will feedback as a ‘no match’ within the CoP process.

A payment made within the 48 hours period can be processed but the account holder will have to accept the risk that if the payment is sent to the wrong account, we may not be able to recover the money.

You can’t opt out of CoP when you’re sending money to someone else, but you can ask to stop your details from being checked when others try to pay you. In that case, the sender will see a message stating that your details can’t be confirmed.

If you’d like to opt out of CoP, please get in touch with any of our Branches or Customer service teams (if you do opt out of CoP, you can opt back in at any time).

At Monmouthshire Building Society we take protection of our members very seriously and have an entire page dedicated to Your Security.

If you have any concerns and/or need to report a potential scam, please get in touch with our Customer Contact Team.