Confirmation of Payee is a new name checking service being introduced by the major UK banks between now and June 2020. It helps businesses make payments safely by checking the name on an account before a new CHAPS, Faster Payment or Standing Order is set up or updated.
How will it affect Unity customers?
Unity is not implementing this service initially – this is only a requirement for the ‘big six’ banks.
The new payment rules will apply if you’re receiving a payment into your Unity account for the first time from a customer who has an account with one of the participating banks.
When making the payment to your Unity account, your customer will be shown a message to explain that no name check has been possible because the recipient doesn’t offer Confirmation of Payee. The payment can still go ahead, but your customer may be asked to check that all details are correct before proceeding.
How to prepare for Confirmation of Payee
So that payments to your business aren’t affected, you should ensure that:
- The exact name of your business is clearly stated on your invoice or other payment instructions, in addition to your Unity account number and sort code.
- If you trade under one name, but are registered under another, make sure you give your customers the business name listed on your bank account.
- If your Unity account name is longer than 18 characters, you should advise customers to use the first 18 characters only.
- You may also consider contacting your customers in advance to let them know that this message is to be expected and that payments to your account continue to be secure.
Where do I go for more information?