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Confirmation of Payee Service

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Here you'll find more information about Confirmation of Payee (CoP)

We’ve recently introduced Confirmation of Payee service (CoP).
CoP is a name-checking service to help you make sure payments are sent to the right account. This reduces the chances of you making a mistake, and helps protect you from fraud. It checks the name of the person who holds the Saffron account is correct (the payee) before the funds are sent to us.

This service has been adopted by other financial providers too.

What do I need to know?

How do I make a payment

When you’re setting up a new payment or amending an existing payment, the Payee details are checked. When you make an electronic payment to your savings or mortgage account here with us, you'll need to use the following account details.

Account Name: This should match the name on your savings or mortgage account with us. Use your full name (or business name).

Sort Code: 20-74-21

Account Number: 00775991

Reference: Quote your Saffron account number only. (If this is not quoted correctly the funds will be returned to the sender).

If you're making a payment to redeem your mortgage, use the bank details we've included on your redemption statement.

What will I see

CoP is an additional step in the payment process to make sure you’ve checked the Payee details correctly.

When you send a payment to your account with us, you will see one of the following responses;

Match
The name on the account matches and you can continue with the payment if you’re happy to do so.

Close match
The name on the account is not an exact match. It could be an abbreviated name or perhaps a mistake when you've input the details. If you recognise the closely matched name, you can choose to continue or double check the payee details before continuing.

No match
The payee’s details do not match the name on the account. It’s very important that you double check the payee’s details to make sure you’re sending funds to the correct place. You can still make the payment, should you wish, at your own risk.

Paying into your new Saffron account

It can take up to 48 hours for your new account details to appear within the CoP name checking system. We suggest you wait for this period before sending a payment to us to ensure you're sending money to the correct account. If you are certain the account details are correct, you can of course still send the payment at your own risk.

Want to know more about paying into your account?

Click the link below to find out more.

Click Here

Confirmation of Payee form

Click here to access the form.