Finastra has announced the go-live of its Bacsactive-IP Confirmation of Payee (CoP) service with ScotPayments , a centralised payments platform. The Confirmation of Payee (CoP) capability enables users to verify that they are sending payments to, or collecting money from, the right account holder.

This gives users confidence in the process when making payments to the people of Scotland, avoiding accidental misdirection of funds and reducing the risk of fraud. According to the official announcement, unlocking a host of advantages, CoP empowers Direct Debit and Direct Credit users with a proactive approach to error resolution. By catching errors at the signup stage, users are able to swiftly address issues while engaging with customers on the phone or website.

This aims to not only accelerate payment timescales but also significantly minimise the likelihood of transaction failures. A reduction in Direct Debit indemnity claims is another substantial benefit, as problems are identified and rectified earlier in the process, preventing subsequent challenges and potential write-offs. For Direct Credit users, it is difficult to get money back if it is paid into the wrong account and on some occasions, lost payments are only flagged if a supplier or employee queries a missing payment.

According to ScotPayments, with Confirmation of Payee, users have peace of mind, knowing that errors are automatically detected so that they can be corrected upfront, streamlining transactions and reducing the risk of payment errors. CoP not only in makes processes more efficient but also ensures that payments make it to the recipients as quickly and efficiently as possible. CoP is available through the Bacsactive-IP solution in the UK via three distinct channels: an Open API module facilitating integration into client systems and websites; when processing payment files prior to sending to Bacs; and when adding and editing accounts entered in Bacsactive-IP, bolstering the overall integrity of financial activities.

ScotPayments has used the Open API module to add CoP capabilities to its service, allowing automated real-time checking and error resolution. About Finastra Finastra is a global provider of financial software applications and marketplaces, and launched an open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service.

Its approach to Open Finance and collaboration is why it is trusted by over 8,000 institutions. .