What is Confirmation of Payee and how will it affect me?

POSTED: 11th March 2020
IN: Personal Savings FAQs

Confirmation of Payee is a new service being launched 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. 

From March 2020, if you bank with one of the providers who have implemented the service, when you instruct an electronic payment your bank or building society will let you know whether the details match.

Payments to your Aldermore Personal Savings account should show a match, as long as you make sure you quote the details that we've provided to you

Find out more about Confirmation of Payee.