Important Changes to the Way You Invoice

It’s all changing in 2019! We at Envisage are looking forward to a successful year but we want to keep our staff informed about important changes regarding banking which will take place during this year.

Previously when sending in invoices it was not crucial about the name you attached with the invoice. However, as of 2019 it now becomes crucial that you make sure that the name on the invoice matches the bank account name or you will not be paid!

This is a change that will be in place throughout UK banking very soon and we do not want you to be affected by this! This procedure is in place in order to combat fraud!

How to protect yourself against fraud

• Banking trade body UK Finance offers the following advice:
• Never disclose security details, such as your PIN or full banking password
• Don’t assume an email, text or phone call is authentic
• Don’t be rushed – a genuine organisation won’t mind waiting
• Listen to your instincts – you know if something doesn’t feel right
• Stay in control – don’t panic and make a decision you’ll regret

How Confirmation of Payee will work

When setting up a new payment, or amending an existing one, banks will be able to check the name on the account of the person or organisation you are paying.

• If you use the correct account name, you will receive confirmation that the details match, and can proceed with the payment
• If you use a similar name to the account holder, you will be provided with the actual name of the account holder to check. You can update the details and try again, or contact the intended recipient to check the details
• If you enter the wrong name for the account holder you will be told the details do not match and advised to contact the person or organisation you are trying to pay

More details can be found on the BBC Website – https://www.bbc.co.uk/news/business-45900955.

This infographic will help explain further:-

We look forward to a successful & exciting year with all of you!