Confirmation of Payee Service Used Over 100 Million Times Since Launch, Australian Banking Association Says
MT Newswires Live
Yesterday
The Confirmation of Payee service was used over 100 million times since its launch in July 2025, and as of March, it was live across 83 financial institutions, reaching over 143 million bank accounts, the Australian Banking Association said in a Tuesday statement.
One of the banks reported over 450,000 payments were abandoned by customers after receiving a "no match" result, with over 10,000 of those abandoned payments going to accounts listed on the Australian Financial Crimes Exchange.
The association's Chief Executive, Simon Birmingham, said banks had invested AU$100 million in the technology.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.