Cashroom confirms the launch of Confirmation of Payee into their client portal. This development is a first in the legal industry with the revolutionary Confirmation of Payee (CoP) feature at the forefront of the payment process with Cashroom, who become the first supplier to be able to offer this feature to law firms.
CoP 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.
CoP at Cashroom has been designed specifically for law firms to support a streamlined and efficient accounting process. When a payer initiates a payment, the bank or financial institution uses the CoP system to check whether the name provided by the payer matches the name associated with the account details provided by the payee, allowing them to verify the details and avoid making an erroneous payment. By confirming the payee’s identity before processing the payment, CoP adds an extra layer of security to financial transactions.
Currently, these checks are conducted at the bank as a final step in the payment process. By conducting these checks at the beginning of the process, potential problems can be identified early on, ultimately saving valuable time, and eliminating unnecessary stress for both law firms and their clients.
This remarkable feature will be available to all clients in 2024.
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