Confirmation of Payee is a name checking service implemented by banks to ensure that when you make a payment, the name of the account holder matches the name you've entered. With Soldo, when you add a new payee, we'll check the details to make sure they match with the payee’s bank account. This helps to avoid misdirected payments and help prevent fraud.
What information do I need to provide for my payees?
You'll need to provide:
- The account type (Business or Personal)
- Name (exactly as it appears on their account)
- Sort code
- Account number
Note: The details must match exactly with the records held by the bank. For example, a name on a debit card may include middle name initials that are not included in the name listed on the bank account.
What do I need to do?
Confirmation of Payee is integrated into our Pay someone feature. When you add a new payee, enter the details as described above and we'll check that the details entered match with the bank. There are a number of possible outcomes:
- Match - The details you've provided match with the payee account record.
- Partial match - The details you've provided are similar but may require your review.
- No match - The details you've provided don’t match the bank account you provided.
- Unable to check - The payee bank may not support Confirmation of Payee checks.
You will be able to see the result of the Confirmation of Payee check as soon as it completes:
What should I do if there is no match?
We recommend that you do not proceed until you’ve verified that the details you’ve entered are correct.
What happens if the details can’t be checked?
On occasion, it’s possible that Confirmation of Payee can’t check the details you’ve entered. It might be that the bank you’re sending the money to doesn’t support Confirmation of Payee checks. You can still continue to add the payee but it’s strongly recommended to check that the details you’ve entered are accurate and valid.