Confirmation of Payee is a new way of giving customers (both personal and business) greater assurance that they are sending payments to the intended recipient, helping them to avoid making accidental, misdirected payments to the wrong account holder, as well as providing another layer of protection in the fight against fraud and scams. Further information can be found on the UK Finance website.
Currently, Barclays, HSBC including First Direct, Lloyds Banking Group, Nationwide Building Society, Royal Bank of Scotland Group and Santander UK participate in the scheme. A number of additional banking providers and institutions are expected to introduce Confirmation of Payee at a later date.
Because ClearBank is yet to join the scheme (it is expected to join soon), you may get a warning message from your bank, telling you that the payment details you have given them for your Recognise Savings Account could not be verified or matched.
Please do not worry about this as it is an additional security check that your bank or building society has set up for you and it is safe for you to confirm and continue with the payment to fund your new Recognise Savings Account, as long as you have entered the correct payment instructions.