News

Mutual Vision announce partnership with Confirmation of Payee provider obconnect

23 May 2024

Mike Russell

Mutual Vision are delighted to announce our partnership with Confirmation of Payee (CoP) provider obconnect, who have recently been approved as an aggregator. This collaboration and mutual customer approach will deliver a cost effective and efficient solution in line with the approaching regulatory deadlines.

As part of the Payment Systems Regulator (PSR) Specific Direction 17 there are approx. 300 Banks, Building Societies, EMIs and Financial Institutions (FIs) mandated to implement Confirmation of Payee (CoP) by October 2024. As a mandated building society or financial institution, it is vital that Mutual Vision’s customers have a route to implement CoP.

MV have selected obconnect as our partner to deliver a compliant, effective, real time, secure, CoP solution to reduce fraud and prevent mis directed payments. With obconnect’s extensive CoP experience and MV’s sector and customer knowledge, we will deliver a smooth and swift onboarding process, working to Pay.UK obligations and meeting the PSR’s mandated deadline of 31 October.

MV and obconnect are excited by this collaboration and the future development opportunities.

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