NEARSOFT  is pleased to announce that the financial institutions in Portugal, using the Nearsoft Digital Channels Platform, now have CoPS (Confirmation of Payee Single) in production.
This implementation marks a significant step in improving the security and efficiency of financial transactions.

◦ What is CoPS?

CoPS (Confirmation of Payee Single) is a feature that allows the verification of the beneficiary's identity before completing a transaction. This verification is essential to prevent fraud, errors, and to increase trust in digital payments.
For more information check this link.

◦ Benefits of CoPS for Financial Institutions:

Enhanced Security: By verifying the beneficiary's identity beforehand, transactions are more secure, significantly reducing the risk of fraud.
Transaction Accuracy: Confirming the identity helps ensure that payments are directed to the correct beneficiaries, minimizing errors.
Improved User Experience: Users can make payments with greater confidence, knowing they are interacting with verified recipients.

◦ How Does CoPS Work?

When initiating a payment operation, the platform uses CoPS to verify the beneficiary's identity, confirming that the provided data matches the account holder's information. This process is quick and integrated into the platform's user experience, ensuring a seamless verification.

◦ Next Steps:

NEARSOFT will continue to work closely with financial institutions to ensure that all functionalities of the digital channels platform are fully utilized, providing ongoing training and support for the integration of CoPS into their daily operations.

◦ Acknowledgment:

We appreciate the trust placed in NEARSOFT and look forward to continuing to provide high-quality services that drive the success of financial institutions.
For more information about CoPS and other platform features, please visit our website or contact our customer support.