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New feature coming soon: Confirmation of Payee (CoP)
A safer way to pay
We’re pleased to announce that Regional Australia Bank will soon be introducing Confirmation of Payee (CoP), a new security feature designed to help you make payments with greater accuracy and peace of mind. Whether you're paying employees, vendors, or customers, Confirmation of Payee checks if the account name, BSB, and account number you enter match the details held by the recipient’s bank.
What is Confirmation of Payee?
Confirmation of Payee is an industry-wide initiative led by Australian Payments Plus, designed to reduce mistaken payments and fraud.
It matches the account name, BSB and account number you enter with the details held by the recipient's bank before a payment is made to help ensure your money is going where you intend it to go and gives you greater confidence in every transaction.
How it works
Understanding the match outcomes
Match
Details match the recipient’s bank records
Close Match
Details are similar but not exact
No Match
Details do not match
Error
The service couldn’t confirm the match
When will it be available?
Confirmation of Payee is coming to Regional Australia Bank in 2025.
Once available, there’s nothing you need to do, it will be automatically enabled. When you pay a new BSB and account number, or update an existing payee’s details, you’ll see a match result before the payment is processed.
What information is shared using the service?
The service will match the account name, BSB and account number you’ve entered against the details held by the recipient’s bank and return a match outcome.
Can I still make the payment whatever the match outcome?
To assist with lowering mistaken payments, we may advise you where an account is closed or no longer available to allow you to contact your customer or vendor to keep your business from handling returned payments. We will provide you with outcomes to ensure you can make informed decisions before you pay.
What’s a mistaken payment?
If you enter the wrong account details, you can end up sending your money to the wrong recipient. This can be difficult and time-consuming to retrieve, which is why it’s important to check the accuracy of the details you enter before you send your money.
What should I do when a name has special characters, such as ‘, -, or &?
Names with special characters, like apostrophes (‘), will still match without being entered. For example, enter “O’Brien” as “O Brien” or “Obrien”. Or an account name with an ampersand (&) such as Paper & Pen can be entered as Paper Pen.
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Disclaimers
1
Confirmation of Payee is an initiative of Australian Payments Plus for general information only. To verify or understand more, please refer to Confirmation of Payee - Australian Payments Plus . Regional Australia Bank Ltd ABN 21 087 650 360 AFSL & Australian Credit Licence 241167.