How will Confirmation of Payee affect my Business Savings account?

POSTED: 11th March 2020
IN: Business Savings FAQs

Confirmation of Payee is a new account name checking service on current accounts between the largest UK banking groups (Barclays, HSBC, Lloyds Banking Group, Nationwide Building Society, Royal Bank of Scotland Group and Santander UK) for electronic payments. It checks the name on the account in the payment instruction against the name on the account where the payment is being sent.

The service won’t  stop you making a payment, but if you’re in any doubt about the payment details or you get any response other than a match, you should always take the time to make sure that the details are correct.

Payments to your Aldermore Business Savings account will show confirmation of payee unavailable, as we haven’t introduced this service. Please make sure that you quote the details that we’ve given you whenever you make a payment to your Aldermore account.

Find out more about Confirmation of Payee.