What is Confirmation of Payee (CoP)?
Confirmation of Payee (CoP) is an industry-wide service and is an initiative of Australian Payments Plus (AP+). This service 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.
It will be available to Australian Mutual Bank members from late 2025.
How does CoP work?
CoP 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.
Why CoP matters
CoP can help safeguard individuals and businesses from fraud, scams and mistaken payments, and help protect their money.
It provides confidence that the details entered match the details held by the recipient’s bank.
It gives banks and financial institutions another vital tool to combat fraud and scams and further builds trust when making payments using BSB and account number details in Australia.