What is confirmation of payee?

Confirmation of Payee is a service used by some of the largest UK banks (including Barclays, HSBC, Lloyds Banking Group, Nationwide Building Society, Royal Bank of Scotland Group, and Santander UK) to help ensure electronic payments are sent to the correct accounts. It's designed to protect customers from scams by checking the name on the payment instruction against the name on the account receiving the payment.

If your bank or building society has implemented this service, you’ll be notified about whether the details you’ve provided match when making a payment. Here are the possible outcomes:

• Match – the account name matches the one you entered.
• Partial match – the name is similar, but not identical. Your bank will confirm the correct name.
• No match – the name doesn't match the account holder's name.
• Confirmation of Payee Unavailable – if you're sending money to a bank that hasn’t adopted the service yet, your bank won’t be able to confirm whether the details match.

Payments to your Aldermore Business Savings account should show a match, as long as you’ve used the correct account details provided to you.

This service doesn’t stop you from making a payment, but if there’s any doubt or you get anything other than a match, it's important to double-check the details before proceeding.