CoP is an account name-checking service for payments within the UK. It checks that the account name, sort code, and account number entered by the payer matches the details on your Payoneer account before a payment is processed. It helps your payers confirm they are sending money to the correct person or business.

CoP helps prevent fraud and misdirected payments. By verifying that the account details entered match the recipient’s actual account details, it reduces the risk of payers sending money to the wrong account or falling victim to scams such as Authorised Push Payment scams.

From 31 October 2024, when a payer sends you a payment within the UK using the Faster Payments Scheme (FPS), CoP will check the account details, account name, and account holder or any other relevant account-related information entered by the payer against those registered to your Payoneer account. Before completing their payment, the payer will receive one of the following responses from Payoneer:

• Yes, it is a match: The name and account details match.
• No, it is not a match: The details do not match. This means that the payer will be prompted to either re-enter the correct details or contact the recipient to confirm the details.
• No, close match: The name is close to the account holder’s name. The payer will be provided with the actual details of the account holder and will be given the opportunity to re-enter the correct details or contact the recipient to check the details they are entering.
• CoP Unavailable/Unable to verify: There may be times when a CoP check is not available, such as when the payee's institution does not support it or is experiencing technical issues. In such cases, the payer should reach out to the recipient directly to verify the accuracy of their details before proceeding.
• Account doesn’t exist: The account details entered by the payer do not exist. In such instances, the payer should check details with the recipient.

After receiving one of the above-mentioned responses (which is sent immediately), the payer can then decide whether they would like to continue with the payment as long as the account exists.

To minimize the risk of your payment being denied or misdirected, you must provide your payers with the account details as shown on your Payoneer account to anyone making a payment to you within the UK using FPS.

Yes, you can opt out of having your details checked by CoP when receiving a payment by contact us. However, as CoP is designed to ensure that payment goes to the correct account holder, we will review your opt-out request and only agree to it in limited circumstances on a case-by-case basis. If you opt out of CoP, payers trying to send you money will receive a notification saying that your details can’t be confirmed. This may discourage payers from sending money to you.

If you are approved to opt out, you can opt back in at any time by contact us.

No, CoP currently only applies to payments within the UK and does not cover international or non-sterling payments.

CoP processes personal data such as the account holder’s name to verify transactions. Data is only disclosed when necessary (e.g., when there is a ‘No, close match’ response) and is securely handled according to UK privacy regulations. If you have concerns, you can contact us to enquire about opting out.

Additional information on how Payoneer processes your personal data can be found in our Privacy Policy.

Yes, CoP is a secure service designed to protect your payments. It uses existing banking infrastructure to match account names, sort codes, and account numbers securely without sharing sensitive information.

CoP is available for most UK sterling accounts that use a sort code and account number. However, some accounts may not be supported including those that have opted out of the service.

It is important that you provide anyone making a payment to you with your business name as it appears on your account. If you don’t, it may cause the sender to get a CoP response of no match when sending the payment.

No, CoP works almost instantly and should not cause any noticeable delays. The verification happens during the payment process and will only take a few moments. However, if account detail verification is not possible, this could delay or prevent the payer from making the payment.

If you are experiencing issues receiving payments and you believe it may be related to CoP, please contact us.

If you are dissatisfied with the outcome of your enquiry, you can make a complaint via our complaints process which can be found here under the Payoneer Payment Services (UK) Limited section.