Confirmation of Payee

Will Monzo be signing up for this?

Seems really good for combating fraud. it verifies bank details and mane matches with the recipient bank, if they’re signed up, most major UK banks are

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It’s already in the app code - it just needs to be switched on at the server-end. Any time now…

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Fantastic, quick reply.

Thank you

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Like @davidwalton says, they’re ready - indeed, I think they’ve been ready for the better part of a year - they piloted it with Santander and Starling, I think, and have been quite frustrated at the slow pace of some of the bigger banks.

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Hi I need to send money to an account in Brasil, I check here and for international transfer I can use transferwise, how do do? What is a payee name? Can somebody help?

Thanks

Do you not know who you are transferring money to?

Payee is the name of the person you are paying

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Thanks!
So if I decide to transfer as a international transfer, does monzo direct me to the transferwise, it is the same if I go to the transferwise app? So can I do it by monzo app.

Thanks

You can do either. The advantage of using the Transferwise app (or website) is that if you need to send more money to the same person, you don’t need to input the details again.

Using the Monzo app, means you never have to leave Monzo to complete the transfer.

Natwest have just emailed me to say this is now live in their most recent app and online services. Presumably most RBS services will also get it shortly.

The Which? website shows that Monzo will turn CoP/Payee in July 2020. Here’s the link for more background:
https://www.which.co.uk/news/2020/03/confirmation-of-payee-which-banks-are-ready-to-offer-vital-name-checking-service/

I’d be interested to know why Monzo haven’t signed up to the voluntary Authorised Push Payment Scam Code. Monzo looks like bit of an outlier; It seems like the right thing to do by customers…

CoP has now been delayed due to the coronavirus.

The rollout will now be complete by 30th June 2020.

It’s mentioned at the end of this article.

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