Glossary / Verification & identity
Confirmation of Payee (CoP)
Confirmation of Payee (CoP) is a check that matches the account name a payer enters against the name registered on the destination bank account, warning them before payment if the details do not match.
How does Confirmation of Payee work?
CoP compares the account name a payer types in against the name actually registered on the receiving bank account. If they match, the payer proceeds with confidence. If they do not, the payer sees a warning before the payment is authorised, giving them a chance to stop and check.
For example, a finance officer sets up a new supplier as “Northline Plumbing Pty Ltd” but the account is registered to an unrelated individual. A CoP check flags the mismatch, prompting a phone call to a known contact rather than a payment into a fraudster’s account.
Why it matters for Australian finance teams
Historically an EFT in Australia was routed only on BSB and account number, and the account name was never checked, which is exactly the gap payment redirection fraud exploits. As name-checking capabilities roll out across the payments system, finance teams get an early warning at the moment of payment. That warning is often the difference between catching an altered invoice and wiring funds that are hard to recover.
How ezyshield helps
A name match is a strong first signal, but a name can match while the account still belongs to the wrong party. ezyshield goes further: it confirms the person, the business via ABN and ASIC records, and bank account ownership before money moves, and re-verifies whenever details change. Every check is recorded in an append-only audit trail that is logged and never edited or deleted. See how it works and our explainer on Confirmation of Payee.
Also known as: CoP, Confirmation of Payee
Last updated: 7 July 2026
Related terms
- Bank Account Ownership Verification Bank account ownership verification confirms that a person or business actually owns the bank account they have nominated, before you pay it, so funds are not sent to an account controlled by a fraudster.
- Name Matching Name matching compares the name a payer supplies against the name registered on a bank account or business record, allowing for minor variations, to flag mismatches before payment.
- Account Name Check An account name check verifies that the name on a bank account matches the intended payee before funds are sent, a core defence against payment redirection fraud.
- Payment Redirection Fraud Payment redirection fraud is a scam where criminals trick a business into sending money to a bank account they control, usually by posing as a supplier and changing the payment details on an invoice.
See also: Confirmation of Payee explained , Bank account ownership verification , Payment redirection fraud
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