Pay into the right account.
Confirmation of Payee
Confirmation of Payee is the latest security measure to accurately ensure funds are being sent to the correct bank account. Whether it’s insurance payouts, refunds, or even account to account transactions, Confirmation of Payee adds a simple but powerful account name check and confirmation to assist in preventing fraud and scams.
- Enhance payment security and reduce the risk of misdirected payments
- No action needed – Confirmation of Payee will appear when sending transactions via BSB and account number
- Consumer facing Confirmation of Payee is already enabled by some banks, Monoova is leading the way for business accounts
Confirmation of Payee timeline.
When will Confirmation of Payee be available?
As of early 2025, some banks already offer Confirmation of Payee to their consumer accounts. If you’ve recently made a transaction to a friend using BSB and account number, you may have already seen it!
Monoova has already started rolling out Confirmation of Payee to our business customers.
How does Confirmation of Payee work?
Add a new payee
Confirmation of Payee will only appear when you’re adding a new payee via BSB and account number
Confirmation of Payee screen
Banking services will display the Confirmation of Payee screen with a status that confirms a match, partial match, or no match.
Finalise your transaction
Depending on the match status, you may choose to continue with the payment, change the details, or cancel it.
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Avoiding disruption to service.
Confirmation of Payee for your customers
For businesses that offer virtual accounts, such as for online investing, wagering, or even rental payments, Confirmation of Payee may impact your customer’s experience with your payments experience if you’re not set up for it.
Say a customer is funding their account, and type in your product's name as the payee. Their bank may flag this as not a match, because your banking account name is your PTY LTD registered name, not your product name.
Spooked and wary of scams, they cancel the payment.
Monoova prepares your business for Confirmation of Payee, without interruption or changes to your user experience.
Payouts and refunds.
Confirmation of Payee for your business
Confirmation of Payee will also show to you when you make a payment to a customer, for example a refund or an insurance claim.
Establish confidence that your payment is going to the right customer account via Confirmation of Payee.
Customise what your customer sees in their bank statement with Monoova’s dynamic remitter naming, so both sides of the transaction are crystal clear in the purpose of the payment.
More payment solutions with Monoova
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Business trading names and banking accounts.
What is an AKA name?
For businesses, Confirmation of Payee is matched against the business’s bank account name, which may differ from the name your customers are familiar with.
AKA names are genuine alternative names that reasonably represent or identifies an account holder. These names must go through the KYC process, and be submitted to and approved by Australian Payments Plus (AP+). Monoova enables this process for our customers.
This could include trading as names, product names, or sub-brand names.
Having AKA names listed on your account prevents customers experiencing false alarms and confusion.
Make it a match made in heaven.
Confirmation of Payee match statuses
When a Confirmation of Payee check has been carried out, customers will see one of the below statuses:
- Match – the information matches
- Partial match – the information is close, for example your friend’s name is John and you entered their name as Johny (for names that include apostrophes or hyphens, variations with and without will be accepted as a match)
- Not a match – the information entered does not match or resemble the data against the account you’re sending funds to
For joint accounts, only one name needs to be supplied to get a match or partial match result.
You may also get error messages if the account cannot be identified (there may be a typo in the account details) or the institute the account is with does not offer Confirmation of Payee.
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Confirmation of Payee is just the beginning.
Protect your customers from scams
Monoova’s commitment to secure transactions and protecting customers from scams and fraud goes beyond Confirmation of Payee.
- Monoova’s in-house transaction monitoring engine may identify suspicious activity
- Visible Source Account information keeps the source of funds transparent
- Monoova is Soc 2 Type 2 certified and a FS-ISAC member
While Confirmation of Payee applies to transactions sent via BSB and account number, other payment rails are also strongly protected. Collect online payments via card, adhering to PCI-DSS and protected by 3D Secure 2.
Naming best practice for different business types.
Get paid without interruption
Follow these guidelines to ensure your business isn’t affected by the transition to Confirmation of Payee. If you are a:
- Incorporated entity – your payee name is the legal registered name of your business
- Trustee – your payee name must match the name on the Trust deed
- Limited company – your payee name should match the name on your certificate of incorporation
- Sole trader – your payee name should match the sole trader name registered with your banking institution
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*Disclaimer: To the extent that the information contained above is sourced from third parties or provides link to third party websites, Monoova takes no responsibility for the accuracy, currency, reliability and correctness of any information included in the material provided by third parties nor for the accuracy, currency, reliability and correctness of links or references to information sources (including internet sites) operated by third parties. You may read our PDS/FSG for more information.