Insolvency practitioner Teneo has become the first firm to leverage the new Confirmation of Payee (CoP) functionality integrated into NatWest’s account-to-account payments platform, Payit.
With this new capability, Teneo can quickly pay individuals impacted by insolvent businesses, ensuring that payments are made directly to the recipient’s bank account. This innovation eliminates the need for manual verification of bank account details.
Mike Elliff, CEO of Payit and Tyl by NatWest, states that Payit is the first provider to introduce open banking payments with CoP. He emphasizes, “CoP is a great example of listening to customer pain points and providing a solution that addresses these issues. Without CoP, name checks would typically be conducted manually, resulting in a labor-intensive process that is prone to errors. Now, with Payit, customers can perform these checks automatically.”
This new service is offered at no extra cost to Payit customers, with a standard fee applied for each transaction processed.
Daniel Butters, CEO of Teneo Financial Advisory UK, remarks: “This innovative and cost-effective solution eliminates the need for manual cheque issuance or the collection and verification of creditor bank details. As a result, we can facilitate faster and more secure payments, streamlining our creditor distribution processes and transforming payment solutions in our industry in a time-efficient manner.”