Confirmation of Payee
At Furness Building Society, we're committed to keeping your money safe. That’s why we’re introducing Confirmation of Payee (CoP) in 2024.
What is Confirmation of Payee
Confirmation of Payee (CoP) is a name-checking service that ensures funds are sent to the correct recipient when transferring money into your Furness account. It helps to prevent accidental payments to the wrong person and strengthens your protection against fraud and scams.
How Does it Work?
When sending us a payment make sure you use your full name and account number as a secondary reference. Some Financial institutions are still onboarding with Confirmation of Payee so in the interim, they may want you to send the payment in the normal way.
Before transferring funds, your bank will confirm that the account details you’ve entered match with the account holder’s name. You’ll then receive one of the following messages:
- It’s a match: The details are correct, and the payment can proceed.
- It’s a close match: There’s a minor variation, such as a misspelled name. You can correct the details or contact the recipient for confirmation.
- Payee details don’t match: The name doesn’t match, and you’ll be advised to verify the details before proceeding.
- Unavailable: The check couldn’t be completed—this may happen if the account holder has opted out of CoP or if the bank isn’t enrolled in the service.
Though CoP ensures a safer transfer, there may be a short delay when opening your account before the service becomes active. Rest assured, you’ll still be able to fund your account on the same day.
How do I fund my account/mortgage
When funding your account, in order to make sure its a match you will need to enter the following:
- Payee name - Needs to be the account holder's name
- Account number - Enter the Furness 8 digit account number
- Sort Code - Enter the Furness 6 digit sort code
- Reference - Enter your Furness 9 digit mortgage/savings account number
If you do have any issues with the matching service, please call the Society and we will be happy to support you through the journey.
Why Might I See ‘Royal Bank of Scotland’?
As Furness is not a clearing bank, some payments may show ‘Royal Bank of Scotland’ as the payee. This is completely normal and will not affect your ability to use CoP for your Furness account.
What About Outbound Payments?
At Furness, we only allow payments to your nominated account, which undergoes additional security checks. This ensures your transfers are safe, with peace of mind that the details are correct.
Can I Opt Out?
While opting out is possible, we recommend staying enrolled in CoP to benefit from its fraud protection. If you'd still like to opt out, please complete the form below or contact us to discuss your options
Opt out of Confirmation of Payee (CoP)
If you’d like to opt out of Confirmation of Payee, please complete the short form below, and a member of our team will be in touch to discuss your request and ensure you’re fully informed about your options.