Faster Payments

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Faster Payments is a common payment method on Bisq in the GBP market.

Creating the account in Bisq

Until recently, Faster Payments transfers only required an account number and sort code. Some banks also ask for a recipient name, but this was never checked and so Bisq traders were advised to use a dummy name.

However, many banks have now started verifying the full name of the receiver, to meet the new Confirmation of Payee requirements of UK regulators. The new checks were supposed to be in place by July 20191 but major UK banks have delayed rolling then out until early-to-mid 2020.2,3,4

According to the Confirmation of Payee guidelines and major bank FAQs, the name check is meant to be advisory, and the sender still has the option to ignore it (at their own risk) from within their banking app in case of a mismatch.

However, to avoid future problems, Faster Payments accounts created in Bisq after the 1.3.2 release require the account owner's full name, in addition to the bank account number and sort code.

References

1 https://www.thisismoney.co.uk/money/beatthescammers/article-6704155/Confirmation-Payee-help-prevent-bank-account-fraud-delayed.html
2 https://www.hsbc.co.uk/help/confirmation-of-payee/
3 https://www.halifax.co.uk/bankaccounts/help-guidance/online-banking-help/confirmation-of-payee/
4 https://www.barclays.co.uk/help/confirmation-of-payee/what-confirmation-of-payee-is/