Glossary / Payments & banking
PayID
PayID is an Australian addressing service that links a bank account to a memorable identifier like a mobile number, email, or ABN, so payments can be sent without sharing a BSB and account number.
How does PayID work?
PayID sits on top of the New Payments Platform and lets a person or business register an easy-to-remember identifier, such as a mobile number, email address, or ABN, against their bank account. When someone enters a PayID to pay, their banking app displays the registered account name before they confirm, so they can see who they are about to pay. For an Australian finance team, a supplier might quote a PayID of their ABN rather than a BSB and account number, which removes the risk of transposing digits.
Why it matters for Australian finance teams
PayID reduces some fraud by surfacing the account name at the moment of payment, but it is not a complete defence. Criminals still register PayIDs, and a name shown in an app can be a business name a fraudster legitimately controls. Payment redirection and business email compromise remain the largest reported losses to Australian businesses, and a PayID quoted in a spoofed email deserves the same scrutiny as any changed payment detail.
How ezyshield helps
ezyshield goes beyond the name shown at payment time. Before money moves, it confirms the person, validates the business through ABN and ASIC records, and verifies ownership of the destination account, so a PayID cannot quietly point payments at an account a fraudster controls. Any change to the details triggers re-verification, and every check is written to an append-only audit trail that is logged and never edited or deleted. See how it works and Confirmation of Payee.
Also known as: Pay ID
Last updated: 7 July 2026
Related terms
- PayTo PayTo is an Australian digital service that lets a business set up and manage real-time, pre-authorised payments from a customer's bank account through the New Payments Platform.
- 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.
- New Payments Platform (NPP) The New Payments Platform (NPP) is Australia's real-time payments infrastructure that clears and settles account-to-account transactions between banks within seconds, around the clock.
See also: Confirmation of Payee , Bank account ownership verification , Payment redirection fraud
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