Confirmation of Payee is now live at Police Credit Union. This is an industry-wide service that matches the account name, BSB and account number entered by a payer with the account details held by the recipient’s financial institution. The payer will be able to quickly see if there is an account match outcome, helping to avoid mistaken payments.
The aim of Confirmation of Payee is to help safeguard people and businesses from fraud, scams and mistaken payments.
How it works
Confirmation of Payee is automatically available in Online Banking and the Banking App (following the recent update), you will not be required to activate this service.
When you’re sending money to a business or person using their BSB and account number, Confirmation of Payee will check the account details you’ve entered with the account details held by the recipient’s bank and let you know the match outcome. This outcome will appear as one of the below options:
Match
Close Match
No Match
Error/ Unable to confirm
No account found
Account no longer active
If you are transferring funds to a personal account, you’ll only be shown the name of the recipient’s account if it’s a Match or Close Match. If the account details DO NOT match, the account name will be withheld for privacy protection.
If you are making a payment to a business account, you’ll be shown the account name of the account associated with the BSB and account number you’ve entered, even if it’s not a match.
Knowing this information means you can either opt to go ahead with your payment, pause, check the details again, make sure you don’t have a ‘typo’, confirm details with the recipient– or STOP the payment altogether. While you will still be able to send funds regardless of what match outcome you receive, you should always proceed with caution.
Remember: you are responsible, at all times, for ensuring that the account name, BSB and account number you enter to make a payment are correct, regardless of any Confirmation of Payee service match result. In the event of a scam, funds are difficult to recover, particularly if you are liable for the transaction. Please remember that this service will not stop fraudulent transactions but will allow for you to have extra clarity based on the information available to you.
Benefits of Confirmation of Payee:
- Reduced mistakes with increased accuracy – Confirmation of Payee matches the bank account details you’ve entered with the account details held by the recipient’s financial institution and displays a match outcome, helping you avoid mistaken payments.
- Increased Confidence – feel more confident knowing that your money is heading where you intended.
- Extra protection – Confirmation of Payee can help protect you from scams and sending money to the wrong account.
- Industry-wide security – all Confirmation of Payee information is passed securely between financial institutions to ensure your data remains safe. 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 request to withhold your Police Credit Union account details with the Confirmation of Payee service. If you’d like to discuss this, please contact us on 1300 131 844, visit a branch, email [email protected], or send us a Secure Message using the Inbox in Online Banking and the Banking App.
Please read the full Confirmation of Payee Terms and Conditions.
For more information on Confirmation of Payee.