What is Confirmation of Payee?
Confirmation of Payee is an industry-wide service that matches the bank account details entered by a payer with the account details held by the recipient’s bank and displays a match outcome to the payer. It’s a new layer of protection for Australian consumers and businesses when they’re making a payment to a BSB and account number.
How does it work:
Confirmation of Payee matches the account name, BSB and account number entered by the payer with the account details held by the recipient’s bank and displays the outcome.
The payer can then make an informed decision about what to do next – pay, check the details with the intended recipient or choose not to proceed with the payment altogether.
Who offers it
Confirmation of Payee is an industry-wide service and is an initiative of Australian Payments Plus (AP+).
Why does it matter?
Confirmation of Payee can help safeguard people and businesses from fraud, scams and mistaken payments, and help protect their money.
It provides confidence that the details entered match the details held by the recipient’s bank.
It gives banks and financial institutions another vital tool to combat fraud and scams and further builds trust when paying a BSB and account number in Australia.
