Confirmation of Payee

Confirmation of Payee (CoP) is a service that verifies the name and account number you provide against the details held by the recipient’s bank.

It's important to understand that CoP is a pre-payment check. After the name is verified, you will still need to give final approval for the payment to be processed.

CoP has been introduced to help protect people from being a victim of scams. Scammers try to trick people into sending money to criminals who pretend to be someone else.

The CoP service will also help you avoid mistakes, such as typing the wrong account details when setting up a new payment.

When you set up a new single payment or update an existing regular payment to fund your Monmouthshire Building Society savings or make a payment to your mortgage account, a CoP check will be carried out to verify the name and account details match your account.

Personal Accounts

If you are funding your personal savings or paying your personal mortgage account, you must select the 'Personal' account type within your mobile banking app/online bank account.

The Monmouthshire Building Society’s bank account number and sort code have not changed and are as follows:

Sort Code: 40-05-30

Account Number: 14576608

For personal accounts, the Payee name is your full name (the account holder). If you are paying into a joint savings or mortgage account, please enter your sole name only in the ‘payee’ field. 

The Payee reference is your Monmouthshire Building Society savings or mortgage account number.

Your financial services provider will then compare the details you have provided against your Monmouthshire Building Society account and advise on the outcome. You’ll receive one of four possible results: match, partial match, no match, or unable to check account. If any details do not match, you’ll be advised to double-check the details entered.

If you are still unable to match the information, once you have double-checked and re-entered, please contact us for further assistance.  

Please note that all mortgage payments will need to be made from a bank account held within the mortgage account holders name, as we do not accept payments from a third-party account.

Other Account Types

If your Monmouthshire Building Society Account is not in your personal name – for example, a Buy to Let mortgage account in a company name, or a Savings account in the name of a club/charity/corporate entity, please select ‘Business’ as the account type within your mobile banking app/online bank account. 

For these account types, the Payee name is the name of the company/club/charity. 

The Payee reference is the Monmouthshire Building Society savings or mortgage account number.

Tip: For Limited Company accounts, if the account name is not a match, try entering the name without ‘Limited’ or Ltd’ included.

If your company/club/charity name includes any words in brackets, try omitting this information and re-attempting the process.

Your financial services provider will then compare the details you have provided against your Monmouthshire Building Society account and advise on the outcome. You’ll receive one of four possible results: match, partial match, no match, or unable to check account. If any details do not match, you’ll be advised to double-check the details entered.

If you are still unable to match the information, once you have double-checked and re-entered, please contact us for further assistance.

For business mortgages only payments from the business or a director's account are accepted, as we do not accept payments from a third party account.

The Confirmation of Payee service provides four possible results:

1. Account name is a match
2. Account name is a close match
3. Account name is not a match
4. Unable to check the account

Your financial services provider may give you more details about the result, depending on the situation. For example, if you’re paying a personal account but the payee is a business, they’ll let you know.

Match – The details you entered match the person or business you're trying to pay.

All the information you provided is correct, and the account details matches the name.

Partial match – The account is registered to someone with a similar name.

If the name you entered is close but not exact, your financial services provider will show you the correct name linked to the account. You can update the details, or decide not to proceed.

If you choose to proceed with sending finds to a “partial match”, the payment will be sent at your own risk – if this results in the payment being sent to the wrong account, we may not be able to recover it.

No match – The name or reference you entered doesn’t match the account details, and isn’t similar. You’ll need to contact the person or company you’re paying to check their account details.

If you continue with the payment, you accept the risk that if the payment is sent to the wrong account, we may not be able to recover the money.

If the account holder is under 13, you’ll see a ‘No match’ result and Monmouthshire Building Society won’t share the name on the account.

Please note for any new accounts opened payments made into the account within 48 hours of opening will feedback as a ‘no match’ within the CoP process.

A payment made within the 48 hours period can be processed but the account holder will have to accept the risk that if the payment is sent to the wrong account, we may not be able to recover the money.

You can’t opt out of CoP when you’re sending money to someone else, but you can ask to stop your details from being checked when others try to pay you. In that case, the sender will see a message stating that your details can’t be confirmed.

If you’d like to opt out of CoP, please get in touch with any of our Branches or Customer service teams (if you do opt out of CoP, you can opt back in at any time).

At Monmouthshire Building Society we take protection of our members very seriously and have an entire page dedicated to Your Security.

If you have any concerns and/or need to report a potential scam, please get in touch with our Customer Contact Team.