SPONSORED: Cashroom's Confirmation of Payee

Cashroom has added Confirmation of Payee to its client portal in a development that will improve security and efficiency for law firms. The revolutionary Confirmation of Payee feature is at the forefront of the payment process with Cashroom, which is the first supplier to offer the feature. All Cashroom clients will have access to Confirmation of Payee in 2024.

Confirmation of Payee is a security feature used in financial transactions to verify that the payee’s name matches the information held by the payer’s bank. It is designed to prevent payments from being sent to the wrong account or to fraudulent individuals or entities.

"Confirmation of Payee is particularly valuable in preventing
certain types of fraud, such as authorised push payment scams"

Confirmation of Payee is particularly valuable in preventing certain types of fraud, such as authorised push payment scams, where individuals are tricked into transferring money to fraudulent accounts. By confirming the payee’s identity before processing the payment, Confirmation of Payee adds an extra layer of security to financial transactions.

The banks already do this, so what is the benefit to Cashroom clients? By using Cashroom for Confirmation of Payee checks, law firms can eliminate last-minute delays.

Currently, these checks are conducted at the bank as a crucial final step in the payment process. However, doing these checks at such a late stage often leads to frustration and setbacks for both law firms and their clients when errors or mistakes are found. These issues can be as simple as someone changing their bank account. Conducting these checks at the beginning of the process means potential problems can be identified early on. For instance, in conveyancing chains, doing these checks before the final stages of completion ensures a seamless completion day and provides peace of mind that transactions are ready to proceed. This approach avoids potential delays and clients waiting on a driveway for a payment to be received.

"Say goodbye to disruptions and delays caused by
inaccurate payment details when uploading to the bank"

This innovative feature empowers Cashroom clients to effortlessly validate payee names against the sort code and account number when initiating payments through the Cashroom portal. Say goodbye to disruptions and delays caused by inaccurate payment details when uploading to the bank. With the powerful Confirmation of Payee, Cashroom clients can rest assured that any errors will be detected at the beginning of the payment process, saving them valuable time and unnecessary stress.

This remarkable feature will be available to all clients in 2024. Stay tuned for more updates in the new year from Cashroom.

Find out more at www.thecashroom.co.uk/services/confirmation-of-payee/