Back to UK Payments
How does Confirmation of Payee work?
Confirmation of payee is an account name checking service that enables you to check you are paying the right person or business. Form3 provides a Confirmation of Payee Responder and Lookup Managed Service that acts on your behalf as an account holding organisation.
Our connectivity model
The Confirmation of Payee service works for UK payments involving Faster Payments (SIPs, FDPs, SOPs), Bacs payments (Direct Credits), CHAPS payments and Internal transfers.
The Lookup Service and Responder Service are available as either a Self-Service option or as a Form3 Managed Service option.
Who is it for?
The SEPA Instant service (Instant Credit Transfer) for Direct Settling Participants is available to credit institutions eligible to hold a settlement account with TIPS (Target2 Instant Payments System).
How does it work?
Customers using this access model are provided with direct technical access, through our single stack of API to the SEPA Instant clearing system to exchange messages as a clearing participant. Settlement happens on the participants settlement account with TIPS where our customers manage their own liquidity in this prefunded system.
Who is it for?
The SEPA Instant service (Instant Credit Transfer) for Direct Settling Participants is available to credit institutions eligible to hold a settlement account with TIPS (Target2 Instant Payments System).
How does it work?
Customers using this access model are provided with direct technical access, through our single stack of API to the SEPA Instant clearing system to exchange messages as a clearing participant. Settlement happens on the participants settlement account with TIPS where our customers manage their own liquidity in this prefunded system.
“Form3 is committed to supporting the development of a New Payments Architecture for the UK."
Mike Walters · Chief Product Officer
Benefits of Form3 Confirmation of Payee
Using Form3 ensures high-quality operation and compatibility, insulating you from technical changes in the scheme.
