Does Newcastle Permanent offer a Confirmation of Payee service?
Confirmation of Payee is an industry wide service rolling out in 2025 that matches the bank account details entered by a payer with the account details held by the recipient’s bank and displays a match outcome to the payer. We are working on introducing this service to our customers in 2025 as part of our commitment to the Scam-Safe Accord, to help safeguard our customers from fraud, scams and mistaken payments.
As part of our implementation of the service, we will firstly be enabling other banks to check our customers’ name, BSB and account number. For example, your account name could be displayed to payers, so they can verify that the account details they have entered matches yours before making a payment to you. If you have any questions or concerns on how this may impact you, please contact us.