Australian Payments (AP+) has selected Swift to build a service that aims to reduce the risk of misdirected payments and increase defences against payment fraud.
The service would be delivered via the New Payments Platform (NPP), standardised application programming interfaces and a centralised account matching service managed by AP+.
Swift’s selection to develop the Confirmation of Payee service for the NPP aims to build on its capabilities in AI and data services, including payment pre-validation for cross-border payments.
Suresh Rajalingam, head of Oceania at Swift, comments: “Making payments safe, instant and frictionless is at the heart of everything we do at Swift, and we are committed to supporting the Australian financial industry in its fight against scammers.”
Adrian Lovney, chief payment and schemes officer at AP+, says: “The development of an industry wide Confirmation of Payee service will play an important role in reducing certain types of scams resulting in misdirection of a payment to the wrong account as well as avoid mistaken payments being made to incorrect account numbers.
“AP+ is committed to working with the industry to better protect consumers and businesses as part of a collective effort to combat fraud and scams.”
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