What is Confirmation of Payee?

Think of CoP as your money's wingman – it checks the ID of any account you're sending cash to for the first time. When sending money CoP checks the details and you'll get one of four responses:

1. Perfect match - you’re good to go
2. Close match - you’ll see the right name to use
3.  No match - wrong details, please check, and try again
4. Can’t check - the receiving bank doesn’t yet use CoP

Importantly. When transferring money to your TallyMoney account for the first time don’t be concerned if you see ‘ClearBank’ or ‘Transact Payments’ pop up, they are our banking partners. It’s all entirely legitimate and keeps your money movements secure. 

Want the full story? Read below. Still got questions? Just ask us, we’re always here to help. 

*.   *    *

Think of Confirmation of Payee (CoP) as your financial wingman, double checking you’re sending money to the right place. It’s a name-checking service that Pay.UK introduced in 2020 to help prevent those “oops, wrong account” moments that none of us want to deal with. 

When you’re about to send money to someone (or yourself) for the first time, CoP runs a quick check to make sure the account details match up with what the receiving bank has on file. 

Here’s what happens when you make a check:

1.  ‘It’s a match’ - Win! Everything lines up perfectly. The account number, sort code, and name are all singing from the same hymn sheet. 
2. ‘Close or partial match’ - The bank may show you the actual name on the account. You can either update your details or check with the recipient before proceeding. Better safe than sorry!
3.  ‘No match’ - Red flag alert! The details don't match up at all. Time to get back to the recipient and double-check those details.
4.  ‘Unable to check’ - This happens when the receiving bank doesn’t support CoP yet. You’ll need to verify the details with your recipient before proceeding. 

Now, here’s where it gets interesting for you, our TallyMoney customers, the people we care about. 

When you’re funding your TallyMoney account for the first time, your bank will run this CoP check against us. And yes, we fully support that because we believe in making your money movements as secure as possible.

Here's the important bit: While TallyMoney isn't a traditional bank (we're better – we're a gold-based monetary system), we work with some heavyweight partners to make everything run smoothly in the background. Your UK payment accounts are provided through our partnership with Transact Payments Limited and ClearBank Limited – a reputable UK bank authorised by the Prudential Regulation Authority and regulated by both the PRA and Financial Conduct Authority.

So when you’re making that first transfer, don’t be surprised if you see either ‘ClearBank Limited’ or ‘Transact Payments Limited’ pop up in your CoP check. That’s completely normal - it’s just showing you the behind-the-scenes systems that makes TallyMoney work so brilliantly. Want to know more about who we work with to keep you Tallying away? Further information on the partnerships we maintain to provide our products and services can be found here: For Your Bank - Sending Funds into TallyMoney

Got questions about how we handle CoP? Give us a shout – we're always happy to clear things up.