RCS - PayPoint PLC - PayPoint to support cost-of-living payments

PayPointAnnouncement

23/06/2022 09:00

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RNS Number : 8611P  PayPoint PLC  23 June 2022

23 June 2022

PayPoint Plc

Pay.UK and PayPoint work together to help enable government cost-of-living
support payments to the financially vulnerable

·    PayPoint joins Pay.UK's Confirmation of Payee service to deliver
services to support local government and energy companies deliver
cost-of-living support payments

·  More people - including those vulnerable or at risk of exclusion - will
be able to receive cost-of-living payments safely and securely through the CoP
service

PayPoint today announces that it has joined Pay.UK's Confirmation of Payee
name-checking service. This will extend the offering to PayPoint's local
government and energy company customers to enable the delivery of
cost-of-living support payments to more financially vulnerable people across
the UK.

Financially vulnerable groups 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. CoP provides an easy way for government to check that funds are sent
to the right place, ensuring that vulnerable users, who may not have already
registered their bank details, get funds quickly, safely and efficiently.

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.

PayPoint's participation in Confirmation of Payee, which has processed over a
billion transactions to date, will enable greater choice in payment methods so
that people who most need the support can receive it through different
platforms, without compromising the safety and security of the transaction.

By welcoming PayPoint in joining the other major UK banks and building
societies already offering Confirmation of Payee services, Pay.UK is helping
to ensure that payments are directed to the correct accounts, helping avoid
administrative mistakes and fraud so urgently needed cost of living payments
reach more people.

Nick Wiles, Chief Executive of PayPoint, said: "We're delighted to be working
with Pay.UK on expanding the use of Confirmation of Payee and helping local
government and energy companies make sure that important support payments
reach the people who need them. This move further 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."

Dougie Belmore, Chief Payments Officer of Pay.UK said: "Giving people more
choice in the way they pay and are paid is part of Pay.UK's purpose. And as
PayPoint's joining of Confirmation of Payee shows, this choice can bring very
real benefits for people in need. Facilitating greater access to
cost-of-living support for those who might otherwise miss out is a vital
achievement and Pay.UK will continue expanding Confirmation of Payee so it is
primed to help tackle the evolving financial challenges many consumers may
have to face."

 

Confirmation of Payee

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
(PSPs). The aim of the service is to reduce certain types of fraud as well as
misdirected payments. Today, volumes of Confirmation of Payee requests are
averaging more than one million per day. Over 92% of all Pay.UK retail
payments are currently protected by Confirmation of Payee.

 

About PayPoint

For tens of thousands of businesses and millions of consumers, we deliver
innovative technology and services that make life a little easier.

The PayPoint Group serves a diverse range of organisations, from SME and
convenience retailer partners, to local authorities, multinational service
providers and e-commerce brands. Our products are split across three core
business divisions:

·     In Shopping, we enhance retailer propositions and customer
experiences through EPoS services via PayPoint One, card payment technology,
Counter Cash, ATMs and home delivery technology partnerships in over 60,000
SME and retailer partner locations across multiple sectors. Our retail network
of over 28,000 convenience stores is larger than all the banks, supermarkets
and Post Offices put together

·    In E-commerce, we deliver best-in-class customer journeys through
Collect+, a tech-based delivery solution that allows parcels to be sent,
picked up and dropped off at thousands of local stores

·    In Payments and Banking, we help companies and their customers make
and receive payments quickly and conveniently. This includes our digital
payments platform, MultiPay, an eMoney offering that enables cash through to
digital transactions and cash solutions providing vital consumer access across
our extensive retail network

Together, these solutions enable The PayPoint Group to create long-term value
for all stakeholders, including customers, communities and the world we live
in.

 

About Pay.UK

We are the recognised operator and standards body for the UK's retail
interbank payment systems, which includes the Bacs Payment System, the Faster
Payment System and the Image Clearing System for cheques. We ensure these
systems are secure, safe and simple to use. We also deliver a variety of
services relating to payments, such as the Current Account Switch Service,
Confirmation of Payee and Request to Pay.

Our purpose is to power payments, champion innovation and give the UK choice
in how it pays. From Bacs Direct Credit and Direct Debit to Faster Payments
and cheques, individuals and businesses use the infrastructure and services we
provide to receive their salaries, pay their bills and make online and mobile
banking payments.

In 2021, we processed 10.1 billion transactions worth £7.9 trillion. Our
vision is to be the smartest way to move money, now and in the future. This
drives everything we do and builds on our mandate as a payment system
operator.

Find out more at: www.wearepay.uk or for more detail on the payments systems
we manage, see: bacs.co.uk, chequeandcredit.co.uk or fasterpayments.org.uk.

Enquiries:

PayPoint plc

 

Nick Wiles, Chief Executive (Mobile: 07442
968960)

Alan Dale, Finance Director (Mobile: 07778 043962)

Steve O'Neill, Corporate Affairs and Marketing Director (Mobile: 07919
488066)

 

FGS Global

0207 251 3801

Rollo Head

James Thompson

(Email: PayPoint-LON@fgsglobal.com (mailto:PayPoint-LON@fgsglobal.com) )

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