What is Confirmation of Payee?
Confirmation of Payee (CoP) helps prevent fraud by verifying that the entered account details match the intended recipient's name. This process ensures that your money reaches the correct destination, reducing the risk of errors or scams. There are several scenarios in CoP: full match, partial match, no match, and unable to verify. Please see a more detailed explanation of each scenario below.
1. Full match
A Full Match indicates that the account name you provided exactly matches the name registered with the recipient's bank. This confirmation ensures that your payment is directed to the correct recipient, significantly reducing the risk of errors or fraud.
When you see a Full Match, you can proceed with your transaction confidently, knowing that the details align perfectly with the recipient's account. This feature is part of our commitment to enhancing security and trust in your banking experience at Wirex.
2. Partial match
A Partial Match means that the account name you entered is similar to the name registered with the recipient's bank, but they do not match exactly. This could be due to minor variations, such as misspellings or differences in format.
For example:
Recipient name you entered: Bruce Wayne
Actual account name: Bruce Wayn
When you receive a Partial Match notification, it's essential to proceed with caution. While the payment may still go through, we recommend double-checking the recipient's details to ensure that your funds are sent to the correct person. This feature is designed to enhance your awareness and help you make informed decisions while banking with Wirex.
3. No match
A No Match indicates that the account name you provided does not match the name registered with the recipient's bank. This warning suggests that there may be a significant discrepancy, which could increase the risk of sending funds to the wrong account.
If you receive a No Match notification, we strongly advise against proceeding with the transaction.
It's crucial to verify the recipient's details to ensure that your payment reaches the intended person or organization. This feature is part of our commitment to keeping your transactions secure and helping you avoid potential fraud.
4. Recipient account couldn't be verified
This message means that the system could not verify the account name against the records held by the recipient's bank. This could occur for various reasons, such as technical issues or the recipient's bank not participating in the CoP service.
When you see this message, it's important to take extra caution. We recommend confirming the recipient's details directly with them to ensure accuracy. Optionally you can retry to proceed with the transfer in 24 hours.