Is Monzo signing up to the scheme where you won’t be able to make a payment without entering the account holder’s correct name?
I may be incorrect but I believe it’s a compulsory scheme. Either way, I believe Monzo is going to implement this.
Just curious, are you for or against?
CoP is a voluntary service. I believe some of the major banks are required to sign up to it but for everyone else it’s up to them. If they are signed up to the voluntary code on fraud reimbursement then it’s in that banks interest to use CoP as it could protect them from having to reimburse in many cases.
They said that they’ll be joining this scheme.