Debate Magazine

Barclays' New "Confirmation of Payee" Service.

Posted on the 24 February 2020 by Markwadsworth @Mark_Wadsworth

Email received from Barclays today:
Hi Customer,
What's new?

I'm sure they'll tell me...
A new service called Confirmation of Payee has been designed to help protect your payments from scams, fraudsters and payments going to the wrong account.
From March, when you pay a new person or business using Faster Payments (including standing orders) or CHAPS, we'll match their account name as well as the sort code and account number to make sure you're paying the right person. If someone makes a new payment to you, their bank may do the same.
[and so on]
Your Barclays Business Team

They appear to have learned the lesson from this debacle.
You do wonder, why on earth didn't banks always check the name of the recipient? What was the point of asking for their name if they're not going to check it?

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