Confirmation of Payee

Confirmation of Payee (CoP) is an industry-wide security service to help give you confidence your money is going where you intend it to go.

When you make a payment to a payee for the first time, CoP checks that the account name, BSB and account number you’ve entered match the details held by the recipient's bank. You’ll get a real-time message confirming if it’s a match.

This helps reduce the risk of scams and mistaken payments, allowing you to double-check the details before you approve the payment.

When a customer pays your business for the first time, or updates your saved account details, they'll see if the account name they've entered matches your bank details.

Similarly, when you make a payment to a new payee in MBO, CoP will check if the account name matches the details held by the recipient's bank.

For business accounts, your account name will always be displayed to the payer. To achieve a 'match' result, payers simply need to enter your account name correctly.

If the name entered isn't an exact match, they might see a 'close match' or 'no match' result. In this situation, they may reach out to you directly to confirm your account details.

The best way to prepare is to ensure the account name you share with payers matches your bank details. This will create a 'match' result when they pay you, reducing calls from payers wanting to confirm your details.

Your account name is listed on your bank statement.

You'll find it on the first line, directly below the letterhead. For longer business names, it may run onto the second line.

Learn how to generate a bank statement.

If the account name on your invoices doesn't exactly match your bank details, the payer may receive a 'close match' or 'no match' result.

For business accounts, your account name will still be displayed to the payer. Even if the payer receives a 'no match' result, they can still proceed with the payment if they're confident your details are correct. The only scenario where they'll be unable to proceed with the payment is if the account is closed.

Learn more about the match outcomes below.

To update the business name on your account, contact your relationship manager or complete the Change of account details form and email it to business@macquarie.com.

Confirmation of Payee is ready to use for payments made in the browser version of Macquarie Business Online.

We're working on bringing this feature to the Macquarie Mobile Banking app.

Business accounts

If you have a business account, your full account name will always be shown to the payer. This helps them confirm they are paying the correct business.

This applies to accounts such as:

• Business accounts
• Government organisation accounts
• Corporate trustee accounts

Personal accounts

If you have a personal account, your name will only be shown to the payer if the name they enter is a match or a close match. For example, if your account name is 'William Thomas' and the payer enters 'Will Thomas', we may show them 'William Thomas' to confirm it's you.

Joint personal accounts

If you hold a joint personal account and the payer enters one person's name, we'll display that name followed by 'and others' to indicate there are other account holders.