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 that a payer has entered against the details held by the recipient's bank and lets the payer know whether it's a match. The payer can then make an informed decision on how to proceed, reducing the risk of scams and mistaken payments.

When your clients make a payment to a new payee or edit a saved payee’s details in Macquarie Online or the Macquarie Mobile Banking app, they’ll see whether the account name they’ve entered matches the bank records of the intended recipient’s account name.

The same applies when someone tries to make a payment to your client’s Macquarie account as the payer will have visibility over whether the account name entered matches your client’s account name. To enable this, we may share your client’s account name with the payer (through their bank) to help validate the match outcome.

No, the Confirmation of Payee service will automatically check the details whenever your clients make a payment to a BSB and account number for the first time, or when they edit a saved payee's details.

Confirmation of Payee is only available for Pay Anyone payments to an Australian account number and BSB via Macquarie Online and the Macquarie Mobile Banking app. Confirmation of Payee is only triggered when making a payment to a new payee or editing a saved payee’s details.

Payments made in the Adviser Online portal aren’t supported by Confirmation of Payee.

The Confirmation of Payee match outcomes that will be displayed to payers are:

• Match
• Close match
• No match.

Your client should contact the recipient to check that the account name, BSB and account number they’ve entered are correct before proceeding with the payment.

It’s your client’s responsibility to ensure the account details they’re using to make a payment are correct, regardless of the match outcome.

This is particularly important if your client is attempting to pay a business with an account name that is different from their trading name.

At this stage, Confirmation of Payee is not available for payments made in Adviser Online.

Individual account

If your client is receiving money into an individual account, the person who is paying will be shown the account name only if the name they have entered is a match or a close match to your client’s account name. For example, if the payer enters ‘Will Thomas' or ‘Billy Thomas’ and the account name is ‘William Thomas’, this may be considered a match and the account name will be displayed to the payer.

Joint individual accounts

If your client holds a joint individual account and the payer enters one account holder’s name, only that name will be displayed to the payer followed by ‘and others’ to indicate there are other account holders.

Non-individual accounts

If your client holds a non-individual account, including a non-individual joint account, the name of their account will be shown to the payer, regardless of whether it’s a match or not. 

Non-individual accounts include:

• Trusts (e.g. SMSFs and family trusts)
• Company accounts
• Incorporated associations.