Just tried to make a payment to the new account using BSB and Account Number and ANZ Bank displayed that the name I entered was account holder (verified flag) though it was different bank.
Really welcoming change to mitigate frauds/scams. Not sure if other banks have also started doing same.
The system returns whether the name you've provided is a:
✅ Match – The name and details match
⚠️ Close match – The name is similar, but not exact
❌ No match – The name doesn’t match the account
So in your case it may return a "Close match".
https://www.ausbanking.org.au/scam-safe-accord/confirmation-…
What is Confirmation of Payee?
Confirmation of Payee (CoP) is an industry-wide service that checks the name of the person or business you intend to pay against the account details you enter. Before a transfer is made, you’ll be notified if the name on the receiving account doesn’t match, helping reduce scams and mistaken payments.
From July 2025, banks across Australia will begin rolling out Confirmation of Payee. This added layer of security gives customers greater confidence when sending money.
Yeah I noticed this when making a transfer from my HSBC account a few weeks ago. It's a very welcome change, and so simple. It's a shame it wasn't implemented a long time ago.
I thought it was just NAB, it's a terrible change.
I'm very curious to know why you feel that way. It's a fairly unobstructive consumer safeguard.
Hopefully cuts down the number of home buyers scammed out of their property deposit/settlement money
https://www.facebook.com/watch/?v=714359187589000
I noticed this too. I was sending to a joint account so there is no chance to possibly get it to match unless you know both FULL names and the order it is in lol