When you:
· make a payment to a BSB and account number for the first time,
· create a new payee using BSB and account number, or
· edit an existing payee’s account details (BSB or account number) in your saved payees list,
…the CoP service will automatically run a check.
CoP will verify the account name, BSB, and account number you entered against the details held by the recipient’s bank. You’ll receive one of the following match outcomes:
· Match – the details align.
· Close Match –the name is similar but not exact.
· No Match – the details don’t align.
· Error – the process could not be completed due to a system or data issue (e.g., missing fields, corrupted input, or technical failure). Action is required to resolve the error before proceeding.
This information helps you decide whether to:
· Proceed with the payment or not or
· Double-check the details with the recipient
· This process gives you greater confidence that your payment is going to the correct account and reduces the risk of scams and mistaken payments.
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