IN BRIEF: PayPoint joins Pay.UK's confirmation of payee service

Writer,

PayPoint PLC - Hertfordshire, England-based payment services provider - Joins Pay.UK's 'confirmation of payee' name-checking service to support local government and help energy companies deliver cost-of-living support payments to more financially vulnerable people across the UK. Says these people are more likely to pay bills by cash and cheque and are at greater risk of missing out on support payments paid directly to an account.

PayPoint says the new service will cover energy rebate and council tax returns to help deliver the government support package announced by ministers in May 2022 in response to the impact of rising prices being faced by UK households.

Chief Executive Nick Wiles says: ‘This move enhances our channel-agnostic payments platform, ensuring we can continue to support our clients and their customers with smart technology designed to improve their experience and reduce costs.’

Confirmation of payee is a name checking service for UK-based payments which Pay.UK launched in 2020 and which has now been successfully implemented by a number of UK banks, building societies and other payment service providers. The aim of the service is to reduce fraud and misdirected payments.

Current stock price: down 0.2% at 577.00 pence on Thursday

12-month change: down 1.4%

Copyright 2022 Alliance News Limited. All Rights Reserved.