Confirmation of Payee (CoP) is an industry-wide security service to give you confidence your money is going to the right person.
When you make a payment, CoP checks that the account name, BSB and account number you’ve entered match the details on file with the recipient's bank. You’ll get a real-time message confirming if it’s a match.
This helps reduce the risk of scams and mistaken payments, allowing you to double-check the details before you approve the payment.
When a customer pays your business for the first time, or updates your saved account details, they'll see if the name they've entered matches your full legal account name.
Similarly, when you make a payment to a new payee in MBO, CoP will check if the account name matches the payee’s details.
For business or non-individual accounts, your full legal account name will always be displayed to the payer. To achieve an 'exact match' result, payers simply need to enter your full legal account name correctly.
If the name entered isn't an exact match, they might see a 'close match' or 'no match'. In this situation, they may reach out to you directly to confirm your account details.
The best way to prepare is to ensure the account name you share with payers matches your full legal account name. This will create an 'exact match' result when they pay you, reducing calls from payers wanting to confirm your details.
Your legal account name is listed on your bank statement.
You'll find it on the first line, directly below the letterhead. For longer business names, it may run onto the second line.
Learn how to generate a bank statement.
If the account name on your invoices doesn't exactly match your bank account name, the payer will receive a 'no match' result.
For business or non-individual accounts, your account name will still be displayed to them. Even with a 'no match' result, the payer can choose to proceed with the payment, unless the account is closed.
Learn more about the match outcomes below.
To update the business name on your account, contact your relationship manager or complete the Change of account details form and email it to business@macquarie.com.
Confirmation of Payee is ready to use for payments made in the browser version of Macquarie Business Online.
We're working on bringing this feature to the Macquarie Mobile Banking app.
Non-individual (business) accounts
If you have a non-individual account, your full account name will always be shown to the payer. This helps them confirm they are paying the correct business.
This applies to accounts such as:
Individual (personal) accounts
If you have a personal account, your name will only be shown to the payer if the name they enter is a match or a close match. For example, if your account name is 'William Thomas' and the payer enters 'Will Thomas', we may show them 'William Thomas' to confirm it's you.
Joint individual accounts
If you hold a joint personal account and the payer enters one person's name, we'll display that name followed by 'and others' to indicate there are other account holders.
There are three possible match outcomes:
This means the account name the payer entered is an exact match for the bank account name.
This result appears when the account name entered is very similar, but not an exact match, to the official account name.
For business accounts, we will display the correct account name to help the payer. They can then review the details and still choose to proceed with the payment.
This often happens for simple reasons, such as:
his result means the account name entered by the payer doesn't match the name on the account. For business accounts, we’ll still display the correct legal account name to the payer. Although they can proceed with the payment, they may get in touch to confirm details first.
Here are some examples of what may trigger a ‘no match’ result.
In some cases, the payer might see an error message. This usually happens if the account can't be found, is closed, or the details are invalid. Learn more about Confirmation of Payee error outcomes.
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