Confirmation of Payee for Institutional

Confirmation of Payee is an industry-wide banking service provided by Australian Payments Plus that allows customers to check if the payee account name entered by the customer matches the account name and account details held by the payee’s (recipient) bank.^disclaimer Confirmation of Payee will provide customers with a ‘match outcome’ indicating whether the account name entered is a ‘match’, ‘close match’ or ‘no match’, helping customers to decide if they should proceed with the payment.

For business accounts, the account name will be displayed in the match outcome regardless if it is a match, no match or close match. For personal accounts, the account name will only be shown for a match or close match (the individual’s account name is withheld for no match outcomes to protect privacy).

Confirmation of Payee adds another layer of protection in the prevention against scams and fraud. By allowing customers to check the account name, it is designed to enhance payment security and efficiency and reduce scams and misdirected payments.

For PayTo Biller customers, Confirmation of Payee can also be used before establishing PayTo Agreements. Customers can check whether the recipient’s account name matches the account name and account details held by the recipient’s bank. Confirmation of Payee checks can be done using ANZ Transactive – Global now or ANZ Fileactive (coming soon).