ePayments Code

What it means

The ePayments Code is a code administered by ASIC that many Australian banks and payment providers subscribe to. It sets out consumer protections for electronic payments, including how liability is allocated for unauthorised transactions and what happens with mistaken internet payments. For a finance team, a practical example: an employee sends money to the wrong BSB and account number, and under the mistaken internet payment rules the sending institution can work with the receiving institution to try to recover the funds, though success depends on the money still being there.

Why it matters for Australian finance teams

The Code largely protects consumers, not businesses, so a company that authorises a payment to a fraudster often has limited recourse. Once a direct entry or Osko payment lands in a mule account, recovery is difficult. That makes prevention, not remediation, the real control. The gap between consumer and business protections is exactly why verifying details before you pay matters so much.

How ezyshield helps

ezyshield focuses on the step before money moves. It confirms the person, the business via ABN and ASIC records, and bank account ownership before a payment is authorised, and it re-verifies whenever key details change. That reduces the chance you ever have to rely on Code-based recovery. See how it works and payment fraud prevention in Australia. ezyshield does not administer or enforce the ePayments Code.