How does confirmation of payee work with Mimo?
Confirmation of Payee (CoP) is a name-checking service that verifies whether the account name, sort code, and account number match the records held by the receiving bank. It’s designed to help prevent misdirected payments and reduce the risk of fraud.
In Mimo, Confirmation of Payee is applied to all UK payments involving new suppliers. During the payment flow, you’ll see a “Check payees” step where this verification happens automatically for new beneficiaries.