Banking integrations connect accounting software or other business systems with banks to enable secure and automated checks on payee details. This allows businesses to validate bank account details prior to making payments, enhancing fraud controls, reducing errors, and ensuring funds reach the correct recipient – “Confirmation of Payee Integration”.
WeSyncIT currently supports Lloyds and Natwest Banks, please reach out if your bank offers Confimation of Payee (CoP) and we will configure it on your behalf to work with your preferred Finance System
Lloyds Bank, Natwest
Confirmation of Payee
Confirmation of Payee (CoP) is a UK-based bank account checking service for payments that helps ensure you’re sending money to the intended recipient, reducing the risk of accidental or fraudulent payments.
Many banks will offer this as a service, allowing you to link your finance, payroll, expense management or procurement systems to check payee account details before you transfer any money.
“WeSyncIT checks are integrated directly into Accounts Payable workflows within your Finance System rather than taking place manually on the online banking channel.”
Account Details Matching
The CoP service will verify the account type (business or personal), account name, sort code and account number match the payee’s details held by their bank. If these details don’t match, then details are provided on the discrepancies, for example, ‘wrong account type entered’.
- This information can also be used to place vendors on hold to prevent payments being made.
- A complete audit of all checks can be stored against the vendor record.
- Accounts can be configured to check periodically from a compliance perspective
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