What is Confirmation of Payee (CoP) & how does it work?
Confirmation of Payee is a security feature coming soon to Australia to help prevent fraud and mistaken payments.
When payers send money to a recipient using their account name, account number & BSB code, Confirmation of Payee will check these details against the details held by the recipient’s bank, and return a match outcome. The payer can then decide whether to proceed with the transaction next.
This is an industry-wide security feature being rolled out in 2025. You can learn more here.
Match Outcomes
Match - means that the details entered by the payer matches the bank records of the intended recipient
Close Match - means that the details entered by the payer closely matches the bank records of the indented recipient. The correct name will be displayed.
No Match - means that the details entered by the payer do not match the bank records of the intended recipient
Error - The service could not confirm a match result for the account details entered
How does this impact me?
With the rollout of Confirmation of Payee, your payers may see a “no match” or “close match” warning if the AU Global Account name they enter (e.g., your business name) does not match the registered receiving account name. Therefore, to ensure accurate and successful payments, please instruct your payers to use 'Airwallex Pty Ltd' or 'Airwallex Pty Ltd itf [your business name]' as the registered receiving account name when sending funds to your Airwallex AUD Global Account.
What if my payer encounters a name mismatch?
If you or your customers encounter a name mismatch warning, double-check that the account number, BSB code and transaction amount are correct. As long as those details match your instructions, payments can proceed safely even if the name does not match exactly. If you have any doubts or questions, contact our support team before proceeding.
Is my payment still safe?
Yes. This process does not affect the security of your transaction. As long as the correct account number, BSB and other details have been correctly entered, your funds will be routed correctly. Airwallex regularly monitors and secures all customer transactions.