Australian Payments Plus (AP+) launched a nationwide Confirmation of Payee (CoP) service for NPP and BECS payments in July 2025, verifying entered account details against those held by the recipient's bank before payment execution.
Investment and Coverage
Banks invested AUD 100 million into the technology as part of the Scam-Safe Accord, a joint initiative between the Australian Banking Association and the Council of Obligations Bodies. Target: over 95% of personal accounts covered by December 2025.
International Precedent
The UK saw a 30% reduction in impersonation scams after implementing Confirmation of Payee, while the Netherlands achieved an 81% reduction in impersonation fraud with a similar system. Australia's implementation covers both real-time (NPP) and batch (BECS) payments - broader scope than most international equivalents.
NPP Scale
The NPP now processes approximately 1.6 billion transactions annually, averaging 5 million daily - up from 1.1 million daily in 2020. However, the RBA noted that PayTo (the NPP's mandate/direct debit overlay) adoption has been "slower and more uneven than anticipated."
What This Means
CoP is the most impactful anti-scam measure available for account-to-account payments. For Australian financial institutions, the 95% coverage target creates urgency for remaining holdouts to integrate. The RBA will review PayTo industry progress at its March 2026 meeting.
Source: RBA