UK accounts: Confirmation of Payee is coming on 2 May 2020

Last updated: 29 April 2020

Earlier this year, we introduced you to the new Confirmation of Payee service in the UK. Starting 2 May 2020, 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

From 2 May, 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. 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.

Find out more

For more information about this new service, review our introduction to Confirmation of Payee.

If you need further assistance, please contact your local HSBCnet Support Centre.