🎉Australia🇦🇺(and beyond): Banks launch a nationwide “confirmation of payee” scheme

🎉Australia🇦🇺(and beyond): Banks launch a nationwide “confirmation of payee” scheme

The system has been implemented to protect customers from scams and prevent money from reaching criminals. A similar solution is already operational in the UK🇬🇧.

➡️ The core element of the system is name-matching technology, in which $100 million USD has been invested. With this, banks aim to reduce misdirected payments and fraud cases.

➡️ The system verifies that the name, BSB code (a unique identifier for each bank branch), and account number entered by the payer match the recipient’s account information. The verification result is shown to the user before the payment is processed.

➡️Fact: Beyond the UK, the Confirmation of Payee feature is also being rolled out across Europe. Implementation is more complex due to the diversity of languages and character sets, but countries are steadily moving forward. The EU Instant Payments Regulation sets October 2025 as the deadline for full deployment.

#news #Australia #p2p #fraud

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