Confirmation of Payee regulation update: exemption and extension
The UK Payment Systems Regulator has issued a Specific Direction (SD17) requiring Payment Service Providers and Building Societies to implement Confirmation of Payee (CoP) by 31 October 2024. The PSR has now created processes to apply for an exemption or extension, although the vast majority of firms will still need to comply. Find out what this means for your firm and get prepared for CoP with SurePay today.
The vast majority of firms will need to comply: are you prepared?
Although there is a process for applying for an exemption, more than 90% of firms will not be eligible, which means most Payment Service Providers and Building Societies will need to comply with the new CoP regulations by the 31 October 2024 deadline.
Amount of time left to implement.
Is an extension to the deadline possible?
The PSR has also created a process to apply for a deadline extension, but the circumstances in which an extension is allowed are extremely limited. This means that preparing for CoP now is absolutely necessary.
SurePay is the UK’s most trusted CoP provider
- Provide a secure and efficient payment experience for your customers or members
- Reduce the risk of fraud and improve business efficiencies
- Ensure CoP compliance
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