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.
When adding, changing, or updating bank details for accounts, the authenticity of the details can now be checked with the bank using Confirmation of Payee within IRIS Financials.
You can only do Confirmation of Payee checks if you have permissions to edit Payment Information.
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.
Checking the bank details match the bank's records can help reduce the risk of payments failing during a payment run. We recommend running the Confirmation of Payee checks when adding, changing, or updating bank details for an account, but you can run the checks as often as required.