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 you’ve entered against the details held by the recipient’s bank and lets you know whether it’s a match. This can help you make informed decisions before you make a payment, reducing the risk of scams and mistaken payments.

You don’t need to do anything. Confirmation of Payee will soon be available in your online banking. When you make a payment to a new BSB and account number, or edit a payee’s BSB and account number, you will be given the match result before you make the payment.

When you make a payment to a new BSB and account number, Confirmation of Payee checks the details you enter against the name, BSB, and account number held by the recipient’s bank and gives you a match outcome. That helps you decide what you want to do next – and gives you more confidence that the money you’re paying is going where you intend it to. 

Confirmation of Payee checks the account name, BSB and account number you’ve entered against the details held by the recipient’s bank to let you know whether it’s a match or a close match – or if the details don’t match at all. All information is passed securely between financial institutions to ensure your data remains safe. 

If you are receiving money into a personal account, the person who’s paying you will be shown the account name only if the name they have entered is a match or a close match. If any of these details are incorrect, the name will not be shown to protect your privacy. 

If you’re a business or government organisation 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. 

Confirmation of Payee will check account details for all first-time payments (whether immediate or future dated) sent to a BSB and account number and when you make amendments to your online banking address book.  

Account match means the details you’ve entered match the bank records of the intended recipient.  

Close match means the details you’ve entered closely match the bank records of the intended recipient. 

No match means that the details you entered do not match the bank records of the intended recipient. 

Error means that we could not check the account name of the intended recipient. 

Yes. Regardless of whether the result is a match, close match, or no match, it’s up to you whether you continue with the payment. If the account you are attempting to transfer to is closed, you will be made aware to further reduce mistaken payments. We encourage our Members to be scam aware and always take steps to make sure they know who they are paying, as scams or mistaken payments may be difficult to retrieve. 

The Confirmation of Payee service uses a secure connection between financial institutions to match the banking information provided and present a match outcome in your online banking. 

To ensure that the account names we provide to the Confirmation of Payee service correctly reflects your name, we have changed the location of where some of our Member’s account nicknames are stored in our system. You may notice that your account nickname is no longer attached to the end of your account name on your statements and in Internet Banking/The Mutual App and that it now sits next to your account type on your statements and on your home page of Internet Banking/The Mutual App. If you are unhappy with this change, you can alter or delete your account nicknames yourself in Internet Banking/The Mutual App or contact us to assist. 

Eligible customers may request to be opted-out of the Confirmation of Payee service. This means your account name and match outcome will not be displayed to payers and could impact the likelihood of the payer proceeding with the payment. To understand the opt out process and the implications, please contact The Mutual Bank by sending us a secure message in Internet Banking/The Mutual App, visiting your local branch, or calling us. 

PayID and Confirmation of Payee are services from Australian Payments Plus that can help reduce mistaken payments and scams. A PayID is a unique identifier linked to a bank account that makes sending and receiving money easy. Instead of using a BSB and account number, you can use a PayID, such as a mobile number, email address, or ABN. When you send money to a PayID, you’ll see the name of the person or business it’s linked to, helping ensure your money goes to the right place. Confirmation of Payee works with BSB and account numbers. It checks the account name, BSB, and account number you’ve entered against the details held by the recipient’s bank details and displays a match outcome. Both services add a layer of security to payments made in your online banking. Read more about PayID here.

It’s important for businesses to ensure that the account name listed on their invoices and websites exactly matches the name associated with bank account details provided. The service matches the account name, BSB, and account number a customer enters for payment. Customers may be concerned and not continue with the payment if they do not receive a match to what the business has advised on their website or invoices. 

Yes, participating financial institutions are committed to enabling businesses access to the Confirmation of Payee service to verify the identity of payment recipients. It will be a significant help for businesses in reducing mistaken payments – a costly and time-consuming business expense.