Treasury and payments platform Finmo launches Confirmation of Payee safeguard to enhance transaction security in Australia.
Finmo has become one of the first payment platforms in Australia to launch a Confirmation of Payee (CoP) feature for better protection of consumers’ financial activities as well as safeguard against supplier fraud, incorrect transfers, and reconciliation delays.
Confirmation of Payee (CoP) is an industry-wide name‑matching service that aims to authenticate payee details before a domestic transfer proceeds. The initiative was launched by Australian Payments Plus (AP+) — the unified body formed from BPAY, eftpos, and the New Payments Platform (NPP), just in time as digital and mobile payments are gaining momentum nationwide.
Earlier, the UK and the Netherlands started deploying CoP, with the latter reporting an 81% drop in fraudulent and misdirected payments after implementation.
When initiating a payment or editing a payee, one must enter the BSB – a six-digit code identifying the recipient’s bank and branch in Australia, account number, and account name. Those details are sent securely to a matching service run by AP+, built on the New Payments Platform (NPP) infrastructure by SWIFT. There is no central database used for this data storage; only the match result is shared, and actual account data remains with each bank. Once match results are known, users can proceed with the transaction, verify its details, or cancel altogether before funds are sent.
Banks across Australia have been gradually rolling out CoP since July, aiming to cover over 95% of personal accounts by year‑end. However, for other payment institutions, the mandate allows to start implementation later on. Finmo, supported by Australian Settlements Limited (ASL), is among the first payment platforms to integrate CoP at its early rollout stage.
Finmo, founded in 2021 by seasoned fintech leaders, is a treasury and payments platform that unifies payments, FX risk management, liquidity, and cash management in one secure system. It gives finance teams real-time visibility, control, and efficiency, and is trusted by fintechs and mid-sized global businesses.
CoP implementation follows Finmo’s UK Electronic Money Institution (EMI) licence approval in July 2025, allowing it to issue e-money, process domestic and international payments, offer FX services, access UK clearing systems, issue IBANs, and safeguard client funds locally. The licence adds to Finmo’s existing approvals in Singapore, Australia, New Zealand, Canada, the United States, and the UK. Licensed in major markets worldwide, Finmo is building faster, smarter financial infrastructure for the digital economy.
