Two billion checks. That’s how often Confirmation of Payee (CoP) has helped people send money to the right account in the UK.
That’s two billion missed chances for fraudsters. Two billion moments where trust was upheld. Two billion reasons to pay attention.
The growing threat landscape
The financial sector faces an unprecedented challenge. Authorised Push Payment (APP) scams drained over £1.2 billion from UK consumers in 2023 alone, according to UK Finance. These sophisticated attacks bypass traditional security measures, leaving both customers vulnerable and businesses liable.
APP fraud occurs when fraudsters manipulate individuals or businesses into authorising transfers under false pretences. With new regulations from the Payment Systems Regulator (PSR) mandating reimbursement for victims of payments made after October 7, 2024, financial institutions now bear increased responsibility for these losses.
Many organisations still operate reactively, expending valuable resources to rectify misdirected payments after they've occurred. CoP fundamentally transforms this approach by verifying the name, sort code, and account number before funds transfer, creating a powerful preventative barrier against fraud.
From compliance requirement to competitive advantage
Since its introduction in 2020, CoP adoption has expanded significantly, with over 300 organisations implementing the technology and more than 1.9 million daily verifications now taking place. The PSR's 2024 mandate has accelerated this trend, but viewing CoP merely as a regulatory obligation misses its strategic value.
Even for organisations not explicitly required to implement CoP, the benefits extend far beyond compliance. Pay.UK, which owns the CoP framework, has demonstrated its effectiveness through widespread adoption across the financial ecosystem.
The business impact of effective CoP implementation
For organisations processing substantial payment volumes, whether lenders, fintechs, or credit hire providers, these advantages translate directly to improved operational efficiency and bottom-line results.
Atto's distinctive approach to payment security
Atto's CoP solution stands apart through its seamless integration, real-time verification, and scalable architecture. By embedding directly within your payment workflow, our system provides instant feedback without the delays or complexity of batch processing or manual spreadsheet reviews.
What truly differentiates Atto is our comprehensive approach to financial security. Beyond standard CoP functionality, we offer integrated Income Verification, Affordability Assessment, and Financial Health Analysis, providing deeper insights that significantly enhance compliance and risk management. This multidimensional approach makes Atto particularly valuable for lenders, Credit Hire Organisations (CHOs), and innovative fintechs.
For Payment Service Providers (PSPs), Atto delivers exceptional value through our complete suite of solutions that extend well beyond basic CoP capabilities, strengthening the entire payment infrastructure.
The effectiveness of CoP is well-established. A leading UK bank reported over 30% reduction in bank transfer scams after implementation, clear evidence of CoP's value as a proactive security measure. However, as fraudsters continuously evolve their tactics, Atto remains at the forefront of innovation, offering comprehensive protection against emerging threats.
Make every transaction count
Confirmation of Payee isn't a future innovation—it's an essential component of today's payment security infrastructure. With billions of successful verifications already completed, the results speak for themselves.
In a financial landscape where every transaction carries risk, Atto's CoP solution ensures that every payment also carries confidence.
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