A new way to protect your money.
Confirmation of Payee
Confirmation of Payee (CoP) matches the account details you’ve entered, with the details held by the recipient’s bank, when you’re sending money to a business or person using their BSB and account number. Whether it’s insurance payouts, refunds, or even account to account payments, Confirmation of Payee (CoP) can help protect you from scams and mistaken payments.
- Enhance payment security and reduce the risk of misdirected payments
- No action needed – CoP will automatically check payee details when sending money to a BSB and account number
How does Confirmation of Payee work?
Add a new payee and initiate payment
Confirmation of Payee will appear when sending money for the first time to a new payee via BSB and account number.
Match outcomes
You’ll be shown a match outcome, confirming a match, close match, or no match.
Finalise the payment
Using this information you may choose to continue with the payment, change the details, or stop the payment altogether.
Avoiding disruption to service.
Confirmation of Payee for your customers
For businesses that offer virtual accounts, such as online investing, wagering, or even rental payments, CoP may impact your customer’s experience with your payments journey if you’re not set up for it.
Say a customer is funding their account, and they 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 and have an overall incomplete or negative experience with your product.
Monoova prepares your business for CoP, without interruption or changes to your user experience.
Payouts and refunds.
Confirmation of Payee for your business
Confirmation of Payee will also show when businesses make a payment to a customer, for example a refund or an insurance payout.
Confidence that your payment is going where you intend it to, with 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?
CoP 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. 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 outcomes:
- Match – the information entered matches the record of the recipient account
- Close match – the information is close, for example your friend’s name is John and you entered their name as Johny
- No match – the information entered does not match the data against the account you’re sending funds to
- Error – the CoP service was unable to confirm account details
- Account closed – the account you are attempting to send a payment to is closed
For joint accounts, only one name needs to be supplied to get a match or close match result, and names that include apostrophes or hyphens will match both with and without punctuation marks included.
For match and close match, the recipient’s name will be displayed. For no match results, the recipient’s name will not be displayed unless it is a business or government organisation.
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Confirmation of Payee is just the beginning.
Protect your customers from scams
Monoova’s commitment to secure payments and protecting customers from scams and fraud goes beyond CoP.
- 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 an FS-ISAC member
While CoP applies to payments sent to a 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.
More ways to make money move™
Receive
Real-time recurring and one-off payments.
Manage
AAutomatic reconciliation, FX services and more.
Pay
Streamline domestic and international payouts, as well as bills and ad hoc payments.
Monoova is your partner to make money move®
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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.