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Confirmation of Payee (CoP) is an industry-wide service that helps protect your money. Before you send money online, it matches the account details you enter with the account details held by the recipient's bank and shows you a match outcome.
Confirmation of Payee is an initiative of Australian Payments Plus (AP+) and is planned to go live later this year. You can read more about CoP on the Australian Payments Plus website.
When you're making a payment to a BSB and account number, Confirmation of Payee will check the details you enter against the name, BSB and account number held by the recipient's bank and give you a match outcome. This will help you decide what you want to do next and gives you confidence that the money you're sending is going to the right account.
Means the account name you entered matches the account.
Means the account name you entered is a close match to the account. You should check the account details.
Means the account name entered does not match the account. You should check the details with the recipient as incorrect payments may be difficult to retrieve.
Means we were not able to check the account details with the intended recipient. Account name won't be matched, verified or checked with the BSB and account number.
Using this information, you can choose whether you want to go ahead and make the payment, pause and check the details with the recipient - or stop the payment altogether.
When someone pays you, their financial institution may also use Confirmation of Payee to validate your account details. To avoid confusion, its important to pass on your correct Account Name when providing your BSB and account number. Your account details can be found on your monthly statement, in The Mac App or Online Banking.
More information about Confirmation of Payee will be shared with Members closer to it becoming available in our systems. If you have any specific questions, please do not hesitate to reach out to our friendly, helpful and supportive banking team.
