(2 July 2025 – Australia) Australian banks are rolling out a $100 million Confirmation of Payee system to better protect customers from scams and misdirected payments.
The new name-matching technology checks that the entered name, BSB, and account number match the receiving bank’s records, alerting the payer before the transaction is completed.
Already adopted across the UK and now being implemented across Europe, the system has gone live in Belgium with enhanced features, including multilingual alerts and early fraud detection tools.