What is Confirmation of Payee?
Confirmation of Payee (CoP) is an Australia-wide service that helps make sure your money goes to the right bank account.
When you withdraw from your Sharesies Wallet, CoP checks the legal account name on your Sharesies account against the name and details the receiving bank has on file, then tells you whether it’s a match before you confirm.
It’s there to help protect you from scams and mistaken payments, which can be hard to get back once the money’s gone.
When does the check happen?
The check runs when you withdraw money to a bank account, right after you enter the account details.
You’ll see the result before you confirm, and you can only proceed if it matches. Once you have confirmed, this account will get stored for future withdrawals.
What the results mean
After you enter the bank account name, BSB, and account number, you’ll see one of the following results.
Match
The details you entered match the details the bank has for that account. You’re good to go ahead with your withdrawal.
Close match
The details you entered are close to the details the bank has, but not an exact match. This can happen if there’s a small typo, a missing middle name, or the names on a joint account are in a different order.
If you’re confident the details are correct, you can continue with the withdrawal. If you’re not sure, double-check the details before you withdraw.
No match
The details you entered don't match the details the bank has for that account—you won’t be able to continue with your withdrawal. If there’s an issue or there’s a reason this should match, get in touch at help@sharesies.com.au.
We couldn’t check the name
Sometimes we can’t complete the check, for example if the receiving bank doesn’t offer Confirmation of Payee yet, or there’s a temporary issue with the service. You’ll need to change details and try again or contact help@sharesies.com.au.
What should I do if I get a close match or no match?
Have another look at the BSB, and account number you entered, and compare them with the details from your bank. If anything looks off, fix it and try again.
Why does Sharesies do this?
Confirmation of Payee adds a layer of protection, so your withdrawals are more likely to reach the right account. It’s part of an Australia-wide effort to cut down on scams and mistaken payments.
If you have any questions, send a message to help@sharesies.com.au.