UK accounts: Confirmation of Payee is coming soonLast updated: 26 March 2020 Earlier this year, we introduced you to the new Confirmation of Payee service in the UK. Soon, you’ll be able to check the beneficiary name and account type in HSBCnet before sending GBP payments. What is Confirmation of Payee? 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 Once available, you’ll see new Confirmation of Payee screens when you’re creating GBP payments to new beneficiaries using Faster Payments or CHAPs within the UK (including Standing Orders). The new Confirmation of Payee screens will also appear if you’re making these types of payments to an existing beneficiary whose details you’ve amended in HSBCnet. When creating a payment instruction in HSBCnet, you’ll be asked to confirm the following details in the Confirmation of Payee screen:
Here’s what the new screens will look like: (select image to enlarge) We'll then ask the beneficiary’s bank whether the name and account type details match the information you have provided. We’ll show you the results and you can decide whether you want to make the payment, update and re-check the details, or wait until you have confirmed the account details using an independent, trusted source. As a reminder, we also respond to Confirmation of Payee requests sent by other banks, so be sure to provide anyone who is sending you a payment with the full name we hold on your account and confirm with them that it’s a business account. 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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