Finmo, a treasury and payments platform, has recently launched Confirmation of Payee (CoP) services in Australia. This move underscores Finmo’s dedication to enhancing fraud prevention, compliance with regulations, and improving customer satisfaction.

Finmo’s Commitment to CoP

Australia is moving towards a nationwide implementation of CoP as part of the New Payments Platform (NPP) initiative. Finmo aims to be one of the early adopters, thereby positioning itself at the forefront of this technological advancement.

CoP, introduced by Australian Payments Plus (AP+), assists in reducing fraud by verifying recipient details before any funds are transferred. This feature also helps in preventing issues like misrouted payments and delays in reconciliation, ultimately boosting business confidence and control over payment processes.

Finmo’s CoP Implementation

Finmo integrates CoP through Australian Settlements Limited (ASL), a Tier 1 NPP participant. This integration enables Finmo to validate recipient details at the initiation of the transaction, filling in gaps in the payment lifecycle.

CoP verifies key information such as the account name, number, and BSB (bank state branch code) before processing any transactions. This ensures that payments are directed accurately and securely.

Benefits of Finmo’s CoP

Finmo emphasizes that CoP is not just a compliance feature but also a safety enhancement that provides finance teams with increased control and confidence in their operations. By automatically verifying payment details before funds are transferred, Finmo aims to optimize fraud prevention while fostering trust in transactions.

Additionally, being an early adopter of CoP demonstrates Finmo’s proactive stance on regulatory compliance, risk management, and fraud protection. The company currently operates globally with a network that spans multiple jurisdictions and includes partnerships across the financial ecosystem. Finmo plans to continue striving for a safer and more secure payments environment worldwide.

In another development, Finmo recently received approval as an Electronic Money Institution (EMI) in the United Kingdom in July 2025. This new license enables Finmo to issue electronic money, facilitate cross-border and domestic payments, offer foreign exchange services, and issue IBANs among other capabilities. The EMI license aligns with Finmo’s existing approvals in Singapore, Australia, New Zealand, Canada, and the US.