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 someone attempts to pay your business for the first time or edits your account details, they will see whether the account name they’ve entered matches your full legal account name.

If the account is considered a business or non-individual account, the full legal account name will always be shown to the payer regardless of the match outcome.

The payer will only receive an exact match result when they enter the full legal account name. If the full legal account name isn’t entered correctly, they’ll receive a close or no match result and may get in touch with you to validate your account details.

To help avoid confusion, check the account name shared with payers matches your full legal account name. This will help limit the number of enquiries you may receive, looking to confirm if the bank account details are correct.

You can find your account name on the first line of your bank statement, below the letterhead. Please note that for long-form business names, your account name may continue onto the second line.

Learn more about how to generate a bank statement.

Your payer will receive a no match result, and your account name will be displayed to the payer if you hold a non-individual ‘business’ account. The payer can still proceed with the payment regardless of the match outcome unless the account is closed.

Learn more about the Confirmation of Payee match outcomes below.

To change your business name on your account(s), contact your relationship manager or complete the Change of account details form and email it to business@macquarie.com.

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

Non-individual (business) accounts

If you hold a non-individual account, including a non-individual joint 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:

• Business accounts
• Government organisation accounts  
• Corporate trustee accounts

Individual accounts

If you’re receiving money into an individual account, the payer 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.

Joint individual accounts

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