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 we will progressively roll out the Confirmation of Payee service. This means when someone makes a payment to you we may tell them (through their bank) your account name, to help prevent fraud.
Only customers making payments from e/m banking will be able to receive a match outcome across the Confirmation of Payee service.
When you make a payment to a new payee or update an existing payee’s details, Confirmation of Payee checks the account name, BSB and account number you’ve entered against the details held by the recipient’s bank. When the check is complete, you will be given the match result before you decide to progress with the payment. We encourage you to always take steps to make sure you know who you are paying, as scams or mistaken payments may be difficult to recover.
When someone is trying to make a payment to your Macquarie account, we may tell them (through their bank) your account name to help validate the match outcome.
No, the Confirmation of Payee service will automatically check the details whenever you make a payment to a BSB and account number for the first time, or when you edit a payee's details. The same will happen for people making payments to you, depending on when their bank commences the Confirmation of Payee service.
If we believe that you are misusing the Confirmation of Payee service, we may limit or suspend your use of the service.
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.
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.
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:
If you have reasonable concerns about sharing your name with payers and other financial institutions, you can contact us to 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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