Confirmation of Payee (CoP)
What is it?
A name checking service that banks are now introducing, which attempts to verify the account holder name to make sure payments aren’t sent to the wrong bank account.
When?
Most banks are gradually rolling this out from early 2020
Why?
The main purpose is anti-Fraud. Before CoP, the ‘account holder name’ was never checked, i.e. one could enter the beneficiary name as ‘Mickey Mouse’ and the payment would still arrive.
How does it work?
The most important thing to note is that IF the name does not match, the payment can still be made. The bank will simply prompt you with a warning that the name does not match and that you may wish to double check the recipient’s details.
Metro
Background
There are two main types;
Business banking
offers a very basic banking platform, suitable for a one man band business where the directors expect to make payments themselves. Most businesses should opt for the
commercial banking
where approval workflows can be set up and bulk payments can be made.
1
Support
You will have access to an account manager. However, more often than not, they will defer you their telephone support who is easy to get hold on the phone, but not always helpful.
2
Online Platform
Simple to use, easy to set up
3
Login Method
Via a secure token device
5
Known issues
If a payment has bounced back, there is no way of telling from the online platform which payment it relates to. This is tricky if you make bulk payments to many suppliers of the same amount on the same day.
There are no rows in this table
Payment file
Populating the payment file
Populate the template file -
and download as a .txt format
account numbers are formatted as 0000000
sort code are formatted as 000000 (you can add ' in front of the number to make to ensure it has the right format)
numbers do not have commas (ie, it should be 1234.00 not 1,234.00)
there are no extra rows and columns
Importing the file to the banking platform
Login to Metro Bank and navigate to Payments & Transfers > Bulk Payment
Import the file into Metro Bank Bulk Payments as Metro Bank format. This may take awhile for the bank to process.
Follow the prompts to complete the payment as Faster Payments on the schedule date.
Confirming that payments have been processed
As a final check, navigate to the "Item Management" button at the top right and click on "Team Items". Scroll to the very bottom to see the bulk payments files that are now awaiting approval.
Barclays
Background
There are two main accounts:
Business Internet Banking
Barclays Internet Banking is by far the most user friendly of the two options, and is ideal of making one off payments, checking account balances, downloading bank statements etc.
is far less intuitive, and is widely regarded as being extremely frustrating to use. It's main purpose is for making bulk payments, as explained in more detail below.
1
Support
You will have access to an account manager. Telephone support is easy to get hold of but frustratingly there are a lot of forms to be filled out to get any changes in mandates payments limits etc
2
Online Platform
Not very intuitive. They even charge for a training session to use the platform which a testimony to how difficult the system it so use!
3
Login Method
Via a secure token device
4
Set up
Notoriously difficult to set up as it involves the installation of bespoke software. Only works on a specific version of Firefox on Apple devices and Interest Explorer on Windows devices.
5
Known issues
Bulk payment files can only be imported for each bank account. If you have many bank accounts, you have to import a file for each of them
There are no rows in this table
Payment file - Barclays.net
Populating the payment file
Populate the
and download as .csv file
account numbers are formatted as 0000000
sort code are formatted as 000000
numbers do not have commas (ie, it should be 1234.00 not 1,234.00)
there are no extra rows and columns
header row should be excluded
a column populated "99" to be added as a final column to denote payment type
Importing the file to the banking platform
Log into
From the Home Screen, Under 'Quick Links', 'Payments' Click > 'Import payment'
Select 'Format Name' as SAGE/SIF PEGASUS OPERA
Choose Payment Urgency and Type (Usually UK Faster/Next Day payment)
Enter a Reference and select Value Date as the date for the payments to be made
Go to Payments > Manage Payments > edit/repair/submit. The uploaded file will be there as draft
Review the total payment amount and date
Select the file and submit
Confirm / Sign and enter the pin code on the card reader when prompted
Go to Payments > View payments. The payment should be showing as Status ' Future Date Approved'
HSBC
1
Online Platform
Simple to use, easy to set up
2
Login Method
Via a secure token
3
Set Up
Set up is relatively easy and can be done by the primary user of the account
There are no rows in this table
Payment authorisation
Every business has a daily payment limit as requested by the business' mandated signatories on the application form.
The Primary User is the admin of the account and can set up other users on the account.
To set up segregation of controls, the Secondary User to be set up with a daily payment limit and individual payment limit as zero, so that all payments that the Secondary User has initiated need to be approved ty the Secondary user.
Coutts
Background
The Queen's bank and quite uncommon among small businesses. Nevertheless,
Payment file
Populate the template file
and download as a .csv format. More detailed information can be found here:
1
Support
You will have access to an account manager. However, more often than not, they will defer you their telephone support who is easy to get hold on the phone, but not always helpful.
2
Online Platform
Simple to use, easy to set up
3
Login Method
Via a secure token device
There are no rows in this table
Coutts offers a functionality called 'Payment Lists', which allows for multiple payees to be paid simultaneously; ideal for Payroll and weekly/monthly expenses
Detailed instruction on how to create and use payment lists can be found here:
Transferwise
Background
1
Support
Only online support and mostly helpful.
2
Online Platform
Simple to use, easy to set up
3
Login Method
Via a username and password
4
Set up
Very quick and easy to set up. No need to visit a branch, as there isn't one
5
Pros
You can make payments to non UK bank accounts in the same payment file
6
Known issues
There is no approval process in place as only the admin user can make payment
There are no rows in this table
Payment file
Populate the template file
and download as a .csv format
SVB
Background
1
Support
Telephone phone is helpful and very quick to get hold of
2
Online Platform
Simple to use, easy to set up
3
Login Method
Via a username and password
4
Set up
Setting up a new user doesn't require KYC
There are no rows in this table
Amending privileges
Payment file
Populate the template file
and download as a .csv format
