Why are we publishing this report?
In 2019, we directed the UK’s biggest retail banks to use a CoP system by March 2020. This initial rollout was successful, so we wanted to expand the protection CoP offered. We published Specific Direction 17 which required ‘Group 1’ payment system providers (PSPs) to use CoP by October 2023 and ‘Group 2’ PSPs by October 2024.
We have brought CoP’s coverage of the market to around 99% by October 2024. We have ensured high levels of timely compliance by working closely with Pay.UK to proactively understand PSPs’ readiness, ensure they understood their obligations and had robust plans in place to deliver on time.
Since the October 2024 deadline, we’ve been monitoring to assess compliance rates. In this report we explain below how directed parties have progressed in implementing the system, and what we’ve done to address issues we’ve identified.
What does the report say?
We report on Payment Service Providers’ (PSP) delivery and progress so far. We also set out some key messages and information on compliance that all directed parties would benefit from taking on board. These messages apply to all of the PSR’s directions.
The overall uptake we’ve seen has been excellent:
- over 320 organisations now offer CoP checks in the UK
- over 99% of organisations initiating Faster Payments transactions in the UK now offer CoP checks
- over 2 million CoP checks are completed every day
Who should read this paper?
This report is relevant to the operators of the payment systems, payment service providers (PSPs) and anybody with an interest in the success and challenges of industry adoption of the name checking service.
