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ARTICLE · 21 AUGUST 2014

Payment Service Providers: Misdirected Payments

Pinsent Masons
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What action should a Bank take when payments get misdirected? A new Code of Practice.

United KingdomFinance and Banking
Michael Isaacs
Michael Isaacs
Michael Hawthorne
Michael Hawthorne

What action should a Bank take when payments get misdirected? A new Code of Practice

The Payments Council has published its Code of Best Practice for Payment Service Providers (PSPs) faced with payments made to the wrong account, usually because a customer has entered incorrect payment information. This applies to both paper and electronic payment instructions (BACS, CHAPS, Faster Payments). The Code is voluntary but all of the big 4 and 8 other banks are already signed up.

Customer outcomes are a priority, and based around provision of information, minimising the risk of errors occurring in the use of payment platforms and customer interaction following mis-direction of a payment.

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