What is Confirmation of Payee?
Confirmation of Payee is an industry-wide service that adds a layer of protection for payments to a BSB and account number. It checks the account name, BSB and account number you’ve entered against the details held by the recipient’s bank and lets you know whether it’s a match. This can help you make informed decisions before you make a payment, reducing the risk of scams and mistaken payments.
How does it work?
When you’re sending money to a business or person using their BSB and account number, Confirmation of Payee will check the account name, BSB and account number you’ve entered with the account details held by the recipient’s bank and let you know the 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 where you intend it to. The outcome will appear as one of the below options:
‘Match’ means the details you’ve entered match the bank records of the intended recipient.
‘Close match’ means the details you’ve entered closely match the bank records of the intended recipient.
‘No match’ means that the details you entered do not match the bank records of the intended recipient.
‘Error/ Unable to confirm’ means the service could not confirm the account details you entered match. You may also see different messages under this outcome such as ‘No account found’ or ‘Account no longer active’.
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. If you receive a No Match or Error/Unable to Confirm results, please pause and check the details you have with the payee. You can decide to STOP the payment if you are unsure.
What happens if there is no match?
If the details don’t match, you’ll be notified before the payment is made, giving you the chance to stop, check the information, or contact the recipient.
Confirmation of Payee helps you make informed decisions by flagging potential issues early. 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.
Does Confirmation of Payee apply to other Members within Police Credit Union?
Yes, if you are paying someone who banks with Police Credit Union, you will still be shown a match outcome confirming the status of the match.
Does Confirmation of Payee check every payment?
Yes, Confirmation of Payee will check every payment, whether they are new or an existing payee in your address book.
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