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UK accounts: learn more about the new Confirmation of Payee service

Last updated: 3 February 2020

Confirmation of Payee is a new service that helps protect against scams and mistaken payments by checking the name of the person or business you’d like to pay against the account details held by the beneficiary’s bank. We’re working closely with other Industry participants in the UK to introduce the new Confirmation of Payee service in a consistent way.

What this means for you

We’re now able to respond to Confirmation of Payee requests sent by other banks for payments made to our customers.

When sending invoices or requesting a payment, be sure to provide the payment sender with the full name we hold on your account and confirm that it’s a business account. If the payment sender enters a name in the payment that differs from your actual account name, they’ll receive a message advising that the details don’t match. This could result in delays to the payment while they contact you to check the details.

What’s next?

We’ll be introducing Confirmation of Payee updates in HSBCnet in the first half of 2020, allowing you to check payments that you send in the UK. It will be available whenever you’re setting up new GBP payments using Faster Payments or CHAPs from UK accounts. You’ll also be able to use Confirmation of Payee if you’re amending an existing beneficiary’s details in HSBCnet.

We’ll provide further details about how to use Confirmation of Payee in HSBCnet before it becomes available in 2020.

Find out more

For more information, review our Frequently Asked Questions. If you need further assistance, please contact your local HSBCnet Support Centre.

 

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