UK PSR consults on extending and expanding CoP specific direction 17

The UK Payment Systems Regulator (PSR) has published consultation paper CP26/2 on proposed amendments to specific direction 17 (SD17), which underpins broad participation in the confirmation of payee (CoP) service. CoP helps prevent misdirected payments by checking whether the name on a payee's account matches the details provided by the payer. SD17 requires directed payment service providers (PSPs) to have systems capable of both sending and responding to CoP requests. The PSR considers CoP to be an important safeguard against misdirected payments and certain types of authorised push payment fraud. The consultation proposes removing SD17's current expiry date of 1 November 2026 so that the direction remains in force indefinitely. It also seeks views on expanding the scope of SD17 to bring all PSPs currently offering CoP, including those participating voluntarily, within the same regulatory framework. The PSR also published a draft version of the updated direction showing the proposed amendments. The deadline for responses is 20 August.

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