Carefully check that you have entered your Raisin UK sort code and unique account number correctly before transferring any money.
If you enter these details correctly, it is still likely that your UK bank may flag that this payment is going to a payee that is not recognised. This is because the receiving bank is Starling Bank, the service bank for your Raisin UK Account, and they have not yet implemented Confirmation of Payee for the Raisin UK Account.
Confirmation of Payee is a name-checking service warning bank and building society customers receive, when a payee’s name doesn’t match the account number they have entered. It was rolled out by six of the UK’s biggest banks in early 2020 at the direction of the Payment Systems Regulator, who are a subsidiary of the FCA. Participating banks are: Barclays, HSBC, Lloyds, RBS, Santander and Nationwide Building Society. However, some other UK banks have also implemented this system.
Confirmation of Payee is very important to reduce the amount of money lost to bank transfer fraud. However, we would like to reassure you that your security and minimising any fraudulent activity is the highest priority for both Raisin UK and Starling Bank.