visimoney
TLDR:
- Australian Payments Plus (AP+) has partnered with Swift to develop a new confirmation of payee security measure for Australia’s New Payments Platform.
- The service aims to verify the identity of recipients before processing payments, reducing the risk of fraud and misdirected payments.
Australian Payments Plus (AP+) has enlisted the expertise of Swift to enhance the security of Australia’s New Payments Platform (NPP). AP+, a consortium of the country’s major domestic payment providers, aims to introduce a confirmation of payee service to safeguard consumers against fraud and misdirected payments. This new security measure will involve verifying the recipient’s identity by comparing the name entered by the payer with the name linked to the payee’s account.
Swift, which also developed and operates Australia’s NPP, will deliver this security service through standardized APIs and a centralized account matching service overseen by AP+. Adrian Lovney, AP+’s chief payment and schemes officer, anticipates that this industry-wide confirmation of payee service will significantly reduce the risk of financial fraud.
The implementation of this service is set to progress throughout 2024, with financial enterprises expected to incorporate the solution into their banking channels by early 2025. By partnering with Swift, AP+ aims to enhance the security and reliability of Australia’s fast payment infrastructure, ultimately benefiting consumers and businesses alike.
