The UK's top retail payments authority Pay.UK (previously called the New Payment System Operator) has unveiled plans for a new "confirmation of payee" service designed to cut the risk of money being sent to the wrong account, reports Finextra. From next year banks, building societies and other providers will be able to offer the service that checks the name on the account of the person or organisation being paid. If it does not match, the payee will be alerted. Meanwhile, Pay.UK is inviting bids from potential strategic partners to assist with the build of the clearing and settlement backbone of the UK's New Payments architecture, Finextra also reports. Two former Deutsche bank traders have been found guilty of rigging the Libor benchmark rate, reports the FT. The convictions on wire fraud charges of Matthew Connolly (who supervised the New York pool trading desk) and London-based trader Gavin Black is a victory for the US Department of Justice, which has fined banks billions for manipulating Libor but has successfully prosecuted relatively few individuals, the FT says.