Confirmation of Payee definition

Confirmation of Payee means the service we provide before accepting certain payment instructions, to check with the bank which will be receiving the payment whether the account name, account number and sort code provided by you, matches the details they hold.
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Confirmation of Payee means the system we use, before deciding whether to accept certain Payment Orders and amend details of certain established payees, to check with the payment service provider of the proposed payee whether the account they hold, which corresponds to the account number, sort code or other relevant data you have provided, is held in the name of the proposed payee you have provided to us;
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Examples of Confirmation of Payee in a sentence

  • If your bank is operating Confirmation of Payee, it should confirm that you are paying ‘Meteor Investment Management Limited’.

  • The funding of a transaction may be delayed, cancelled, or otherwise modified in accordance with our obligations to prevent this Service from being used for fraud, including APP Fraud, wrongful, unlawful or illegal activity related to the Confirmation of Payee Requests, money laundering, and the financing of terrorism.

  • You will be asked to confirm if you want to go ahead with the Payment Order, or amendment to the established payee’s details, once you know the result of the Confirmation of Payee check.

  • The PSR may require a CHAPS Direct Participant to undertake a specific action in relation to the CHAPS system under section 54 of FSBRA; for example, to adopt Confirmation of Payee.

  • Our Confirmation of Payee service helps you to check that you are sending your payment to the right person.

  • Increasingly markets are putting in place various solutions to ensure certainty of payment: In the UK, the payments industry is implementing a Confirmation of Payee (CoP) service, giving end users of payment systems greater assurance that they are sending their payments to the intended recipient.

  • Within the UK, the Payment Systems Regulator has mandated the Group to build systems and processes for both Confirmation of Payee as well as the Contingent Reimbursement Model Code ("CRM") which both aim to reduce the level of customer fraud (particularly through the Group’s customers’ manipulation into making payments known as “Authorised Push Payment” fraud).

  • We also note that this conclusion also relates to the workstream “assisting Pay.UK with the delivery of Confirmation of Payee Phase 2 as requested by the CMA9” which has been included in the Proposal under item A14.

  • Confirmation of Payee (CoP):A capability which will provide a payer with assurance that the account to which they are making the payment belongs to the intended payee.

  • The banking industry is thinking about it under the name Confirmation of Payee (CoP).

Related to Confirmation of Payee

  • Coordination of Benefits or “COB” means a provision establishing an order in which plans pay their claims, and permitting secondary plans to reduce their benefits so that the combined benefits of all plans do not exceed total allowable expenses.

  • Standard Certificate means a credential issued to certify that an educator has the prescribed knowledge, skill or education to practice in a particular area, teach a particular subject, or teach a category of students.

  • Assignment of Benefits means an arrangement whereby the Plan Participant assigns their right to seek and receive payment of eligible Plan benefits, in strict accordance with the terms of this Plan Document, to a Provider. If a provider accepts said arrangement, Providers’ rights to receive Plan benefits are equal to those of a Plan Participant, and are limited by the terms of this Plan Document. A Provider that accepts this arrangement indicates acceptance of an “Assignment of Benefits” as consideration in full for services, supplies, and/or treatment rendered.

  • Confirmation Letter means a letter issued by any applicable Rating Agency to the effect that neither (a) the resignation of Provident as Servicer under the Servicing Agreement and appointment of Litton as successor Servicer thereunder, nor (b) the amendments exxxxxxated by this Agreement, will adversely affect the then current ratings on the Certificates then being rated.

  • Administration of Medication means the act of placing a medication in or on an individual's body by a staff member who is responsible for the individual's care.

  • Withdrawal Opinion of Counsel has the meaning assigned to such term in Section 11.1(b).

  • Change of Control Agreement means the Change of Control letter agreement between the Company and the Executive of even date herewith.

  • Qualifying Control Agreement means an agreement, among a Loan Party, a depository institution or securities intermediary and the Administrative Agent, which agreement is in form and substance acceptable to the Administrative Agent and which provides the Administrative Agent with “control” (as such term is used in Article 9 of the UCC) over the deposit account(s) or securities account(s) described therein.

  • Collateral Administration Agreement An agreement dated as of the Closing Date among the Issuer, the Collateral Manager and the Collateral Administrator, as amended from time to time in accordance with the terms thereof.

  • Medicaid Notification of Termination Requirements Any Contractor accessing payments for services under the Global Commitment to Health Waiver and Medicaid programs who terminates their practice will follow the Department of Vermont Health Access, Managed Care Organization enrollee notification requirements.

  • Change in Control Agreement means a written Change in Control Agreement between an employee and the Company or an Affiliate.

  • Control Agreement is any control agreement entered into among the depository institution at which Borrower maintains a Deposit Account or the securities intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Bank pursuant to which Bank obtains control (within the meaning of the Code) over such Deposit Account, Securities Account, or Commodity Account.

  • Administrative Procedures means the Administrative Procedures of Minnesota Management & Budget developed in accord with M.S. 43A.04, subdivision 4.

  • Swap Administration Agreement As defined in Section 4.08(b).

  • Opinion of Bond Counsel means a written opinion of Bond Counsel.

  • Self-Administration of Medication means the individual manages and takes his or her own medication, identifies his or her medication and the times and methods of administration, places the medication internally in or externally on his or her own body without staff assistance upon written order of a physician, and safely maintains the medication without supervision.

  • Guaranty of Payment means each Guaranty of Payment executed and delivered on or after the Closing Date in connection with this Agreement by the Guarantors of Payment, as the same may from time to time be amended, restated or otherwise modified.

  • Control Account Agreement means any tri-party agreement by and among a Loan Party, the Administrative Agent and a depositary bank or securities intermediary at which such Loan Party maintains a Controlled Account, in each case in form and substance satisfactory to the Administrative Agent.

  • Depositary Agreement The Letter of Representations, dated June 26, 2007 by and among DTC, the Trust and the Trustee. The Trustee is authorized to enter into the Depositary Agreement on behalf of the Trust.

  • Verification on oath or affirmation means a declaration, made by an individual on oath or affirmation before a notarial officer, that a statement in a record is true.

  • Collection Account Control Agreement means that certain Account Control Agreement, dated as of the date hereof, by and among Seller, Buyer, and U.S. Bank National Association, in form and substance acceptable to Buyer, as the same may be amended, restated, supplemented or otherwise modified from time to time, and which shall provide for Buyer control of the Collection Account as of the date of execution.

  • Collection Account Agreement means each agreement substantially in the form of Exhibit VI, or such other form as may be acceptable to the Agent, among the applicable Originator, a Seller, Collection Bank and the Agent, as it may be amended, restated, supplemented or otherwise modified and in effect from time to time.

  • Administration Account As defined in Section 7.02.

  • Favorable Opinion of Bond Counsel means an opinion or opinions of nationally recognized bond counsel to the effect that the action proposed to be taken is authorized or permitted by the Certificate and will not adversely affect the exclusion of interest on the Bonds from gross income for purposes of federal income taxation.

  • Institution of higher learning means an educational institution located within this state meeting all of the following requirements:

  • Control Agreements means, collectively, the Deposit Account Control Agreement, the Securities Account Control Agreement and the Commodity Account Control Agreement.