What's confirmation of Payee?
Confirmation of Payee is a UK name checking service that helps you check that new payments, like one-off transfers, bills, and standing orders, get sent to the right bank account. It can also help avoid certain types of Authorised Push Payment scams. It does this by:
- Checking the recipient name that you input with the name held on file by the recipient’s bank
- Letting you review the results of that check before sending a payment
- Explaining the risk of making a payment when the name doesn’t match exactly, or doesn’t match at all
Confirmation of Payee is launched in two stages for Revolut. The first, is outbound payments or more simply when you send or make a payment to a payee. The second, is inbound payments where we have introduced the functionality to have your Revolut account details confirmed to a payer, who’s looking to send you money.
Sending a payment
It’s always important to check you have the right details for the person you’re paying. This person is the ‘payee’.
You’ll need your payee’s:
- Full first name and last name (or business name)
- Sort code
- Account number (and account reference if needed)
- Account type i.e., if it’s ‘personal’ or ‘business
When inputting a name, you’ll need to use their full name. For example, ‘William’ and not ‘Will’, if ‘Will’ is not their legal name. For joint accounts, you only need to use the full name of one of the account holders. For payments to a business account you’ll need to use the full name of the business or organisation. If you choose to continue to make the payment without updating the payee’s details, and it turns out that your payment is sent to the wrong payee, we may not be able to get your money back.
Receiving a payment
When you’re expecting a payment, it’s important that the person sending it is given the right details. Remember, someone may not send the payment if the name they use does not match the one on your account.
It’s important that any payer looking to send you a payment has your:
- Full first name and last name (or business name)
- Sort code
- Account number (and account reference if needed)
- Account type i.e. if it's ‘personal’ or ‘business’
For payments coming to your business account you’ll need to give the full name of the business or organisation.
How to opt out of Confirmation of Payee?
Confirmation of Payee is an industry wide initiative designed to reduce fraud, so we strongly recommend that account holders remain opted in to the service. If you still wish to opt out of Confirmation of Payee, please contact our in-app support team and we can consider your request.