Payments Watchdog Finalizes 'Confirmation Of Payee' Rules

Law360, London (August 2, 2019, 5:02 PM BST) -- Britain’s payment regulator has set out measures that it said will allow the country’s six largest banks to fully implement tough new safeguards for authenticating the identity of customers by March 2020.

The Payment Systems Regulator issued directions on Thursday to help lenders including Barclays PLC and HSBC to use a new tool, known as confirmation of payee, to help prevent fraud. The six lenders, which between them handle approximately 90% of bank transfers, must set up the safeguard, which allows them to check that the name and details of an account match.

The PSR created the confirmation tool to help...

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