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.
We will commence rolling out Confirmation of Payee from mid 2025.
From mid-2025, when payers make a payment to your business, they may receive a match outcome that confirms whether the account name they have entered matches the full legal account name associated with your bank account. Regardless of the match outcome, the name of your account will be shown to the payer, if the account is considered a non-individual account.
It’s important for you to ensure that the account name listed on your invoices and websites exactly matches the name associated with bank account details provided to your payers. This will help limit the number of enquiries you receive from payers where they are uncertain about whether the bank account they are paying belongs to you.
No, at this stage Confirmation of Payee is not available for payments made using Macquarie Business Online. However, it will be available to payers who make a payment to your business for the first time or edit your payee details. This means that we may share your account name with payers when they make a payment to your business account.
Non-individual accounts
If you hold a non-individual account that’s receiving a payment, the name of your account will be shown to the payer, regardless of whether it’s a match or not.
Non-individual accounts include:
Joint account
If you hold a joint 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.
Individual account
If you are receiving money into an individual account, the person who is paying you will be shown the account name only if the name they have entered is a match or a close match to your 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.
If you have an individual account and have reasonable concerns about sharing your name with payers and other financial institutions, you can speak with one of our consultants via Live Chat. Opting out of the Confirmation of Payee service is not something we recommend because this service helps to prevent fraud. Opting out is only available in certain circumstances.
Please note, if you are opted-out of the Confirmation of Payee service, your name may still be shared with certain government agencies in relation to payments they make to you.
You can request to opt back in to sharing your details with the Confirmation of Payee service at any time.
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Log in to Macquarie Online Banking or the Macquarie Mobile Banking app and chat with a consultant in real time, Monday to Friday, 9am to 5pm Sydney time (excluding public holidays).
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