What is Confirmation of Payee (CoP) & how does it work?
Confirmation of Payee is an industry-wide service that matches the bank account details entered by a payer with the account details held by the recipient’s bank and displays a match outcome to the payer. It’s a new layer of protection for Australian consumers and businesses when they’re making a payment to a BSB and account number.
Confirmation of Payee matches the bank account details entered by the payer with the account details held by the recipient’s bank and displays the outcome. The payer 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 is an initiative of Australian Payments Plus, the same organisation that also provides trusted payment services like BPAY®, Osko®, eftpos®, PayID® and PayTo®. You can learn more here.
Match Outcomes
There are four possible match outcomes. Each result gives the customer a chance to make an informed decision about what action to take next.
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 intended recipient. The recipient’s 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?
If a payer enters a beneficiary name that does not exactly match your Airwallex Australia Global Account name (for example, using your common business name instead of the official account name), they may receive a “no match” or “close match” warning from their bank.
To prevent this, instruct your payers to use the exact Global Account name associated with your Australia Global Account
Can I still make the payment whatever the match outcome?
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. Airwallex regularly monitors and secures all customer transactions.
What information should I share when I want to receive payments?
If you want to get paid without any confusion or potential delays, you should provide the account name, BSB, and account number exactly as recorded by Airwallex. This information can be obtained from the Global Accounts page.
BPAY and Osko are registered trademarks of BPAY Pty Ltd ABN 69 079 137 518. eftpos is a registered trademark of eftpos ABN 37 136 180 366. PayID and PayTo are registered trademarks of NPP Australia Ltd ABN 68 601 428 737