UK-based Open Banking and Confirmation of Payee (CoP) specialist Obconnect has been selected by TSB to support the retail bank as it moves to phase two of CoP.
In a post on LinkedIn, co-founder and CEO of Obconnect Darran Morford said: “Obconnect is delighted to be working with TSB to implement their Confirmation of Payee phase 2 solution.
“We look forward to delivering for the bank as the Confirmation of Payee market expands in 2022. TSB and its customers will benefit from increased protection from fraudulent payments, as many more banks and financial institutions join Confirmation of Payee.”
Obconnect provides Open Banking compliance, third party provider and CoP solutions hosted or as a software-as-a-service for banks, building societies, e-money institutions and fintechs.
Pay.UK launched CoP in 2020 as a “name-checking service” for UK-based payments, with the aim to help eliminate fraud.
According to the Pay.UK website: “Confirmation of Payee is a way of giving payers greater assurance that their payments are being routed to the intended recipient and therefore are not being accidentally or deliberately misdirected.”
Pay.UK has reported that volumes of CoP requests are averaging more than 1 million per day.
Earlier this week, TSB announced a partnership with Onfido, an ID verification and authentication provider, to launch a new customer onboarding journey through the TSB mobile banking app.
TSB also recently unveiled a payments app for its small business customers in partnership with banking technology platform provider Bankifi.