Confirmation of Payee - Sole Trader Accounts

i am disappointed about the lack of knowledge on Confirmation of payee in relation to sole trader accounts
I use a trading name so lets call its “smiths food”. I asked what name the payee needs to use for it to get an exact match for a bank using COP, they first of all came back with an answer which was irrelevant
then when challenged they said its “smiths food”
However when i went to the "add money part " in monzo app for paying in, here it gives the account name , it says the payee is my normal name “john smith”
I then screenshot this to Monzo and they said they would have to check,
Now payments leaving the account show in the name of “smiths food” but Monzo want people paying in (well the app says so) to use my normal name

Now which is the correct name for COP purposes. Quite surprised i couldnt get a straight forward answer from monzo as they could be quite a wide ranging problem for non ltd company accounts… (when cop is fully in force)

I would assume / hope that

Personal account = your name

Business account = business name

if thats the case why does the monzo app show my personal name as “payee” for when “adding money” in the business account…

legally is your business not ‘John Smith t\a Smiths Foods’ unless you are say Smiths Foods ltd


If it is John Smith t/a ABC Foods then you should get a match on the name surely. If not that then an almost positive.

That was my thought.

I have a client that pays via S/O and said to use my name instead of T/A “business name”

Monzo have come back and said sole trader accounts should be using the real name not the trading name…

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not seen the COP specs but it’s possible accounts have a list of ‘also known as’ so a joint account for John and Jane Smith will take Smith John Smith, Jane Smith, John and Jane Smith, but not Jim Smith. Business accounts would take either John Smith or any trading name, or the limited name and any brand name etc

I guess as the business isn’t its own separate entity that does make sense

But I would have thought Monzo could have set up an AKA or something

This confused me as well. The payee name on the ‘add money’ page shows my personal name, even though it’s a business account. However, my business name does show up on the recipient’s statement when I send money.

I’ve got a limited company though. If you’re a sole trader, I’m pretty sure your personal name will be used, even in a business account.

I find this strange too… especially when you go to ‘Add money’ and select ‘Bank Transfer’ it has my name, but if i were to go to ‘Account’ and then ‘Share details’ the details shared show the use of my company name… So I don’t know which is correct.

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Are Monzo going to do anything about it?

So i spoke to someone on chat yesterday, and they said that the name on the Payee should be your name, not the businesses.

The two differing details i found, they said was down to an error in the app due to the ‘LTD’ accounts.

They did caveat this by stating that the money should still enter the account if you were to use the business name though…

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