Confirmation of Payee is an industry-wide service that matches the bank account details entered by you with the account details held by the recipient’s bank and displays a match outcome. It’s a new layer of protection for Australian consumers and businesses when you’re making a payment to a BSB and account number.
Confirmation of Payee matches the bank account details entered by you with the account details held by the recipient’s bank and displays the outcome. You can then make an informed decision about what to do next – pay, check the details again or choose not to proceed with the payment altogether.
Confirmation of Payee matches the bank
account details you’ve entered with the
account details held by the recipient’s bank
and displays a match outcome, helping you
avoid mistaken payments.
Feel more confident that your money is
going where you intend it to, with
Confirmation of Payee.
Confirmation of Payee can help protect you
from scams and mistaken payments by
matching the account details you’ve
entered with the account details held by the
recipient’s bank.
You don’t need to do anything. Confirmation of Payee is already available in internet banking and the SWSbank app. When you make a payment to a BSB and account number, or edit a payee’s BSB and account number, you will be given the match result before you make a payment.
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 checks 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 or a close match – or if the details don’t match at all. All Confirmation of Payee information is passed securely between financial institutions to ensure your data remains safe.
If you are receiving money into a personal account, the person who’s paying you will be shown the account name only if the name they have entered is a match or a close match. If any of these details are incorrect, the name will not be shown to protect your privacy.
If you’re a business or government organisation account that’s receiving a payment, the name of your account will be shown to the payer, regardless of whether it’s a match or not.
Yes. Confirmation of Payee will never stop you from completing a payment. We encourage you to be scam aware and always take steps to make sure you know who you are paying, as scams or mistaken payments may be difficult to retrieve.
If you want to get paid without any confusion or potential delays, you should share the name, BSB and account number for your bank account. This is especially important if you’re a business with an account name that differs from the name you’re using to take a payment; for instance, if you have a different trading name for a particular part of your business.
Eligible customers may request to be opted-out of the Confirmation of Payee service. 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. To understand the opt out process and the implications, please contact us.
