PSR update on implementation of confirmation of payee in light of COVID-19 impact

Industry News | 20/03/20

The Payment Systems Regulator (PSR) has issued a press release providing an update on its approach to implementation of confirmation of payee (CoP) requirements in the light of COVID-19.

Under special direction 10 (SD10), the PSR requires a number of banks to ensure the full implementation of CoP by 31 March 2020. In the press release, the PSR notes that many of the directed banks are under significant pressure managing COVID-19 related risks. It has therefore informed the directed banks that if they are unable to fully implement CoP by 31 March 2020 they must take appropriate steps to roll it out by 30 June 2020.