Confirmation of Payee (CoP)

 

Confirmation of Payee (CoP) is a new name checking service designed for UK-based payments to help protect you from fraud and ensure your payments go exactly where you intend them to.

With more of our Members banking online and making digital payments, the risk of sending money to the wrong account—either by mistake or due to fraud—has increased. CoP helps protect you by:

Preventing fraud: CoP helps to prevent fraud by alerting you when an account name doesn’t match. This added layer of security lowers the risk of scams, protecting you from criminals who may try to deceive you into transferring money by posing as someone you trust.

Preventing costly mistakes: If you enter incorrect details, CoP allows you to correct them before the payment is processed. This feature can save you time and protect your funds from potential loss.

Peace of mind: Knowing that your payments are being sent to the right recipient gives you greater confidence in managing your finances.

We're committed to keeping your money safe and secure, and CoP is another step in providing you with the best protection possible.

If you have any questions about CoP or how it works, you can pop into your local branch or call our Savings Team on 0161 429 6262, 9am – 5pm, Monday to Friday.

 

Protecting against fraud

If something doesn’t seem right, take a moment to stop and think before you make a payment. If you’re concerned about fraud visit our fraud page or Take Five.

Take Five

How does CoP work?

When you or someone else sends a new payment to your Vernon Building Society account, the name, sort code, account number, and reference field (which is your Vernon Building Society account number) will be verified by matching the details against the person or business receiving the funds. This check occurs before the payment is made, helping to ensure that funds are sent to the correct account and adding a layer of fraud protection.

If someone attempts to send money to your Vernon Building Society account, the Confirmation of Payee (CoP) service will indicate whether the details are a 'match', 'close match' or 'no match'.

When opening a new account, the account details may not be available for verification until the next working day. Payments sent within the first 24 hours may show as ‘no match’ or ‘invalid customer reference’; however, you can still fund your new account. For added security, it’s best to wait until the next working day to add funds, once your account can be verified through CoP.

How do I pay money into a savings account?

If you need to make a one-off electronic payment or set up a Standing Order, please use the details below:

Payee account type: Personal or Business (select the appropriate option)
Account name: Your name / your organisation or business name
Sort code: 20 - 55 - 34
Account number: 10920320
Reference number: This is your Vernon account number 

What name should I use for a joint account?

When you pay money to, or receive money into a joint account, please use the full name of both account holders as they appear on the account.

How do I opt out?

If you'd like to opt out, you can do so by completing this form and sending it back to us. Alternatively, you can request the form by visiting us in-branch or calling us on 0161 429 6262, 9am – 5pm, Monday to Friday. We will only agree to customers opting out in exceptional circumstances.

If you change your mind and want to opt back in, you can let us know through the same channels.

If you choose to opt out of CoP, a message will be displayed while making a payment to your account stating your details can’t be checked.