CoP Overview (Alpha)

Confirmation of Payee Overview

Confirmation of Payee (CoP) is an industry-wide security service that adds an extra layer of protection to payments made using a BSB and account number.

Before you initiate a payout, payment request, or onboard new customers for the purpose of accepting or disbursing funds, use CoP to validate that the account name, BSB, and account number you've entered against the details held by the payer or payees bank.

Result & Benefits

This real-time check helps you avoid scams and mistaken payments by providing a match outcome.

• Scam Prevention: It directly combats scams like invoice redirection, where a fraudster provides their bank details in place of a legitimate payee. By matching the account name, you can identify and prevent these scams before the money is sent.
• Reduced Mistaken Payments: The service helps you catch typos or incorrect details, which can be difficult to recover once a payment has been processed. This gives you more confidence that your money is going to the correct person.
• Greater Confidence: The real-time feedback allows you to make an informed decision about whether to proceed with onboarding a merchant and/or initiating a payment .
• Industry-wide Consistency: The centralised matching service ensures that all customers of participating banks have access to the same layer of protection, creating a safer payment ecosystem for everyone.

Implementation Guide

See API documentation here.

CoP Resources