CoF
ServicesConfirmation of Funds
Definition
Confirmation of Funds is a service that allows a CBPII to request confirmation from an ASPSP that sufficient funds are available in a customer's account to cover a specific payment amount. This enables card issuers to verify payment capability before authorizing transactions.
Related Terms
Frequently Asked Questions
What is Confirmation of Funds?
Confirmation of Funds is a service that allows a CBPII to request confirmation from an ASPSP that sufficient funds are available in a customer's account to cover a specific payment amount. This enables card issuers to verify payment capability before authorizing transactions.
What does CoF stand for in Open Banking?
CoF stands for Confirmation of Funds. It is a fundamental concept in Open Banking and PSD2 regulations. Confirmation of Funds is a service that allows a CBPII to request confirmation from an ASPSP that sufficient funds are available in a customer's account to cover a specific payment amount. This enables card issuers to verify payment capability before authorizing transactions.
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