Introduced in 2020, Confirmation of Payee (CoP) was first made compulsory by the Payment Systems Regulator (PSR) for the UK’s six largest banking groups to use in online and mobile transactions. This requirement was subsequently expanded to include CHAPS payments (Clearing House Automated Payment System). The mandate has since broadened; as of June 2024, an additional 50 financial firms are required to adopt CoP.By October 2024, all Payment Service Providers (PSPs) that handle Faster Payments and CHAPS, or that are setting up new Standing Orders, must comply with CoP standards. This extension of the regulation underscores the PSR’s commitment to enforce transaction security across a wider spectrum of financial services.