Payments Regulator demands Confirmation of Payee Systems by March 31 2020

Following the announcement by the Payment Systems Regulator that the UK’s six biggest banks must implement the Confirmation of Payee System by March 31st 2020, Tom Clementson, Director of Consumer at Shieldpay, said: “Banks need to get their act together and bring in proper protection for consumers. The regulator entering the ring simply confirms that this – as many have said before – is a matter of urgency. Delays have already exposed thousands more people to fraud and there is still eight months to go until the new deadline. It’s vital that increased safety checks are put in place quickly to ensure consumers do not become victims. The adoption of increasingly sophisticated technology, like Shieldpay, that verifies the identity of both parties and holds funds securely until both parties agree to their money changing hands, is essential to protecting consumers now”.