Natwest bank has launched a new API which embeds a Confirmation of Payee function into its systems and processes.
The new API enables customers to make checks against outbound payee details, allowing for payments made using Bacs and Chaps, creating faster payments.
“Confirmation of Payee has been a game-changing innovation in the battle against fraud and scams in the UK, and today we’re delighted to launch our own API that will allow commercial customers to implement this functionality into their own systems,” said Gaurav Gaur, Head of Commercial Payments at NatWest.
The UK introduced Confirmation of Payee in June 2020 to combat scammers and guard customers’ errors. By implementing the API, Natwest allows its customers to carry out a check on individual payments.
Through Natwest’s online banking, customers will be able to enter their account details by the sender, accurately matching those of the payee.
Guar concluded: “Not only will this detect fraudulent and misdirected payments, but CoP is also proven to reduce operating costs and improve the digital journey for customers.”