Direct Debit Guide - Know Your Customer | Direct Debit
 

Know Your Customer

Naturally, Eazipay complies with all the rules and guidance of the Financial Conduct Authority (FCA), which recently replaced the FSA as the UK's financial services regulator.

One of the FCA's stipulations is that Know Your Customer (KYC) checks should be carried out on all new customers. These, along with other best practice guidelines, advise suppliers to take measures to know your customer' to reduce payment failure and fraud.

We strongly recommend that, for their own protection, all suppliers follow this guidance before signing up any new customers.

All suppliers should have received or seen at least two different types of document to assure themselves that customers are who they say they are. These include but are not limited to a copy of a bank statement or a utility bill. Below is a section of the Bacs guide and rules for your attention.

Know your customer - Best practice standards

It is highly recommended that service users verify the payer and the account details before processing any Direct Debits. A list of verification measures to assist in verifying the payer's details is available from:

www.bacs.co.uk/DDVerificationMeasures

Some key areas to consider when validating a payer are:

  • Address verification against Royal Mail Postcode Address File (PAF)
  • Telephone number verification
  • National change of address processing
  • Gone away suppression files
  • Electoral roll processing.

The following procedures can also be implemented to ensure the payer and the account details provided are genuine.

Confirming account details -

  • In a face to face enquiry service users should ask to see the payer's cheque book, bank statement and / or debit card.

Confirming address details -

  • Proof of address such as driving licence or recent utility bill should be requested.

Additional checks -

  • Suppliers should confirm if the payer is new to its organisation. In certain markets such as utilities, mobile phones and subscriptions, payers often switch suppliers and therefore may already exist on a database
  • Ensure a system is in place, which is linked to address details, to intercept duplicate sorting code and account numbers.
  • Credit checking.

Eazipay Limited are authorised and regulated by the Financial Conduct Authority, number 615816 under the Payment Services Regulations 2009 for the provision of payment services. www.fca.org.uk
The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk

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