Confirmation of Payee for Business

Confirmation of Payee (CoP) is an industry-wide service designed for businesses to match account details provided against the details held by the recipient’s bank when setting up payments for employees, vendors or customers, which helps minimise errors and enhances payment accuracy. Confirmation of Payee is provided by your financial institution and is an initiative of Australian Payments Plus, the same organisation that also provides trusted payment services like BPAY, Osko, eftpos, PayID and PayTo. 

Confirmation of Payee provides confidence that account details match those held by the intended recipient’s bank when paying employees, vendors, or customers. This minimises payments made to incorrect accounts, saving your business time and money.

The service is available through us today. To understand how you can benefit from this service contact us on 1300 878 366

When you make a payment to a BSB and account number, Confirmation of Payee checks the details you enter against the name, BSB and account number held by the recipient’s bank and gives you a match outcome. That helps you decide what you want to do next – and gives you more confidence that the money you’re paying is going to the right account

Confirmation of Payee matches the account name, BSB and account number you’ve entered against the details held by the recipient’s bank to let you know whether it’s a match, a close match or a no match – allowing you to make informed decisions about who you are paying.

The service will match the name, BSB and account details you’ve entered against the details held by the recipient’s bank and return a match outcome.

‘Match’ means the details you’ve entered match the bank records of the intended recipient. ‘Close match’ means the details you’ve entered closely match the bank records of the intended recipient. ‘No match’ means that the details you entered do not match the bank records of the intended recipient. ‘We could not confirm the account name match’ means that the service cannot match the record at this time. ‘This account is no longer active’ means that the account is closed. ‘No account found’ means that the account is not available. 

To assist with lowering mistaken payments, we may advise you where an account is closed or no longer available to allow you to contact your customer or vendor to keep your business from handling returned payments. We will provide you with outcomes to ensure you can make informed decisions before you pay.

Names with special characters, like apostrophes (‘), will still match without being entered. For example, enter “O’Brien” as “O Brien” or “Obrien”. Or an account name with an ampersand (&) such as Paper & Pen can be entered as Paper Pen.

If the account name you're trying to enter exceeds a character limit, consider how best to proceed by contacting us on 1300 878 366

If you enter the wrong account details, you can end up sending your money to the wrong recipient. This can be difficult and time-consuming to retrieve, which is why it’s important to check the accuracy of the details you enter before you send your money.

Eligible businesses may request to opt-out of the CoP service under specific circumstances. This means your account name and match outcome will not be displayed to payers and could impact the likelihood of the payer proceeding with the payment.