Confirmation of Payee passes 150 million checks in year
Thu, 9th Jul 2026 (Today)
Australian Payments Plus says its Confirmation of Payee service has been used more than 150 million times in its first year and is now live at more than 100 financial institutions.
The name-checking system lets customers verify whether account details match the intended recipient before sending money. The banking industry introduced it to reduce scam losses and mistaken payments as instant transfers become more common.
A recent survey found eight in 10 Australians had seen or used Confirmation of Payee. Australian Payments Plus says the service has moved beyond a new anti-scam measure to become a routine step for millions of consumers.
Business use is also expanding. According to AP+, companies are using the service during customer onboarding and to check existing account records to ensure payments are sent to the right destination.
Chief Executive Officer Lynn Kraus said the first year had shown the importance of confidence in fast-moving payment systems. "Trust in payments matters to everyone - households and businesses alike. We're excited to see Confirmation of Payee playing an even bigger role across the economy as its use continues to expand," Kraus said.
The system checks the account name, BSB and account number entered for a first-time payee against records held by the receiving bank. Customers are then shown a match, close match or no match result before deciding whether to proceed.
Data released by Australian Payments Plus suggests the warnings are prompting some users to stop and reconsider. One participating financial institution reported that more than 570,000 payments were abandoned after customers received a no match result, including more than 10,000 attempted payments to accounts listed on the Australian Financial Crimes Exchange.
Separate industry figures showed customers spent about three times longer reviewing a no match result than a match result, pointing to greater scrutiny when a payment triggers a warning.
Scam pressure
The update comes against a backdrop of high scam losses in Australia. Figures cited by AP+ put combined scam losses at AUD $2.2 billion in 2025, with redirection scams the second-largest scam type by value at AUD $167 million.
Assistant Treasurer and Minister for Financial Services Daniel Mulino linked the service to broader efforts to tackle fraud. "I was pleased to join industry in Melbourne last year for the launch of Confirmation of Payee. One year on, it is helping protect millions of Australians and complements the Albanese Government's broader scam prevention agenda, including our world-leading Scams Prevention Framework," Mulino said.
Among the early institutions to introduce the system were Westpac and NGM Group. Both say the checks are becoming part of their fraud prevention measures for retail banking customers.
Westpac says it has seen a decline in losses from payment redirection scams over the past year. Ben Young, Head of Fraud Prevention at Westpac, said the service was helping customers pause before sending money to a fraudulent account.
"We know how distressing scams can be and that's why we're focused on helping keep customers safe. Confirmation of Payee is helping customers avoid scams and mistaken payments," Young said.
"Already it has helped save our customers from losing millions to scammers and, as payment redirection scams continue to grow globally, we've seen losses from this scam type fall over the past year," he said.
Wider reach
AP+ says the service now reaches more than 144 million accounts. More than 200,000 payments due to go to closed accounts have also been stopped since launch.
During the design process, the company consulted nearly 40 community and advocacy organisations to address privacy concerns about displaying recipient names. It says that when a result is not a match, the name of an individual account holder is not displayed, and account data remains with each financial institution rather than in a central database.
NGM Group says customers have responded positively to the service. "Confirmation of Payee has been really well received by our customers, adding an extra layer of protection and further strengthening trust in customer-owned banking," said Stuart Hall, Chief Operating Officer at NGM Group.
"It's become an important part of how we continue to support our customers, empowering them with knowledge and tools as we work together to keep their money safe," Hall said.