Confirmation of Payee, a name-matching service developed by AP+, is designed to enhance payment security and customer safety in Australia.

Under the Scam-Safe Accord, an initiative funded with USD 100 million from Australian banks, Confirmation of Payee has been introduced. This technology aims to reduce scams and mispayments by verifying the name, BSB, and account number against those held by the recipient’s bank.

Enhancing Fraud Prevention for Australians

AP+ is committed to giving customers greater control over their payments through this additional layer of security. The Australian Banking Association stresses that while scam losses have been decreasing, continued investment in advanced fraud prevention technologies remains essential to further reduce such risks and protect consumers.

This service will be rolled out to all Australians regardless of which bank they choose. Currently, mutual banks are working on implementing the Confirmation of Payee system to safeguard their clients’ funds. These customer-owned banks prioritize a client-first approach, continuously enhancing their fraud detection and protection measures.

When a customer makes an initial payment using a BSB and account number, they enter the relevant details. The system then checks if these match the recipient’s bank records. If there is a perfect match, the account name will be displayed for confirmation. In cases where there is a close but not exact match, the customer can review the suggested account name to ensure its accuracy.

For businesses or government accounts, the full name may still be shown to the customer for reference. This allows customers to make an informed decision about whether to proceed with the payment, pause and recheck details, or cancel the transaction altogether.