Confirmation Of Payee Service

Written by Claude Haiku 4.5 from the extracted text on 28 Feb 2026. It can miss or misread redacted and scanned pages. Check the source before relying on it.

This ministerial submission to Treasurer Jim Chalmers outlines stakeholder feedback on government payment system reform initiatives, particularly regarding fraud and scam reduction. The document details the government's commitment to consulting on a new payments licensing framework in 2023, with planned measures including making the ePayments Code mandatory (currently voluntary) to provide consumer reimbursement safeguards for unauthorised transactions and mistaken payments. The submission discusses requiring banks to offer confirmation of payee services across all payment types, allowing customers to verify payee names match account numbers. However, banks argued this approach was problematic, citing the need for substantial technology investment to upgrade the legacy BECS (direct entry) system and advocating instead for consumer education to promote uptake of the existing PayID service, which already incorporates confirmation of payee functionality. Significant content is redacted under FOI exemptions.