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Introducing Confirmation of Payee – a new service to help safeguard payments against fraud, scams and mistake
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The Confirmation of Payee service will help people, businesses and government agencies confirm that they have the correct account name when they make a payment to you.
How does it work?
When a payer makes a payment using a BSB and account number, the Confirmation of Payee service will match the bank account name the payer has entered with the account name held by us for your account and will display a match outcome to the payer. If the Confirmation of Payee service response indicates that the account name the payer has entered does not look right, for example, if they have entered the wrong name, the Confirmation of Payee service will prompt the payer to check the details with you, before proceeding with the payment.
The Confirmation of Payee service only checks the account name information entered by the payer, and not any other details of the payment. The payer is still responsible for ensuring that they enter the correct BSB, account number, payment amount and other details.
When the Confirmation of Payee service checks your account name, your account name may be shared and used for Central Matching Service. Please read our privacy policy which explains how your information may be used and disclosed in connection with the Confirmation of Payee service.
Terms and conditions
We have updated our terms and conditions to reflect that the Confirmation of Payee service will be operating in respect of payments made (or attempted to be made) to you. Please read the terms and conditions on our website. The terms and conditions outline your rights and responsibilities in relation to the service.
You have options in relation to the Confirmation of Payee service. In special circumstances, where necessary for your safety or security, you may opt-out from having your account name verified by the Confirmation of Payee service. There is a strict process that applies to opting-out; please contact ICBC for further information.
When will it start?
The Confirmation of Payee service will begin operating from May 1, 2025. You do not need to do anything to opt-in, your account name details will automatically be checked when new payments are made to you.
Where can I find more information?
You can find more information about Confirmation of Payee by contacting our customer service team. You can also visit the Australian Payments Plus website for more tips and information about the Confirmation of Payee service.
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