Using Confirmation of Payee
This guidance is only for IRIS Financials Version 7.0.2223 or later. If using version 7.0.2103 or earlier, or Version 6, this feature is not available.
To reduce the risk of payments failing when processing a payment run, bank details entered in IRIS Financials can be checked against the records held by the bank using Check Payee Details.
You can only do Confirmation of Payee checks if you have permissions to edit Payment Information.
To do Confirmation of Payee checks when adding or editing bank details for an account:
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Select Check Payee Details.
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If all the details match the bank's records, select OK to confirm.
Confirmation of Payee (CoP) limitations
Confirmation of Payee (CoP) verifies that the account number and sort code correspond to a real account. It also checks the entered account name against the bank’s records.
However, CoP does not confirm that the account belongs to your intended supplier, or that the supplier identity is correct.
For example, you might accidentally enter bank details for 'XYZ Company' on the supplier record for 'ABC Company'. If the account details are valid, CoP might return a match or close match, meaning you could easily overlook the mistake.
You must manually confirm that you hold the correct bank details for your supplier. Do not rely on CoP alone to verify supplier identities.
For details that do not match the bank's records, a message is displayed with further details and information about resolving the issues or errors.