NPC has decided to discontinue the current Confirmation of Payee (CoP) scheme due to evolving market demands and upcoming regulatory changes. Work has commenced on a new CoP scheme for DKK, NOK, and SEK payments, aligned with eurozone standards and future EU Payment Services Regulation requirements.
As a result, the existing CoP documentation has been removed from the NPC website, and adherence to the current scheme will be temporarily paused. The new rulebook will be structured to meet regulatory deadlines, including a standard one-year implementation period before taking effect.
Further updates will be shared soon through NPC communication channels.
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The NPC Confirmation of Payee Scheme consists of a Rulebook which focuses on the business process layer and appropriate elements of the logical layer of requests and responses to confirm payment details of the payee, Implementation Guidelines detailing message formats, and finally some API Examples with mapping of data from the ISO XML message format to the API format.
The aim of the Confirmation of Payee Rulebook is to enable confirmation of a payee’s (payment recipient) payment details before initiating a payment. The rulebook will enable the payer to confirm the correctness of the payee’s payment account or payee’s payment account in combination with the payee’s name or identification number. This will contribute to a higher quality and more efficient payment process. It can prevent some part of both misdirected and fraudulent payments as well as reduce the number of rejected and returned payments. In the end, this will contribute to a better customer experience since the payer will be able to ensure the correctness of the payee’s payment details prior to initiating the payment.
Based on the Scheme, participants will be able to offer new and innovative services. The Scheme will be able to ensure interoperability and move towards open standards which are expected to improve financial integration and act as a catalyst for a richer set of products and services within the Nordics.