Confirmation of Payee (CoP) offers several key benefits that improve payment security and accuracy in financial operations:Fraud Prevention: CoP helps prevent fraud by ensuring that the name of the account holder matches the name provided by the person making the payment. This reduces the risk of sending money to a fraudster impersonating someone else.Error Reduction: It minimizes the risk of sending payments to the wrong account due to typographical errors in account details. If the details do not match, the system alerts the payer before the transaction proceeds.Increased Confidence: For both businesses and consumers, CoP provides greater confidence in making payments, as they can be sure their funds are going to the intended recipient.Enhanced Customer Protection: CoP protects customers from certain types of scams, such as invoice redirection fraud, where criminals attempt to divert payments to their own accounts.Regulatory Compliance: For businesses, using CoP helps comply with stricter regulatory requirements aimed at improving the security of payment systems.