Australian Payments Plus taps Swift to develop confirmation of payee service
Payments infrastructure giant Swift has been selected by Australian Payments Plus (AP+) to build a new confirmation of payee security measure for the country’s New Payments Platform (NPP) – Australia’s open access infrastructure for fast payments.
Swift selected to develop new security measures for AP+
Sydney-based AP+ is an Aussie member-owned organisation that brings together the country’s three domestic payment providers – EFTPOS, NPP Australia, and BPAY Group – under one unified entity.
AP+ has now employed Swift, which built and runs Australia’s NPP, to deliver a new security service which the firm says will help safeguard consumers against fraud by verifying the identity of the recipient before processing a payment.
Swift clarifies that the verification process will entail comparing the name entered by the payer with the name linked to the payee’s account.
The security solution will be provided through the NPP, standardised APIs, and a centralised account matching service overseen by AP+.
Adrian Lovney, chief payment and schemes officer at AP+, calls Swift a “logical” partner for the firm and says the company will provide an “industry-wide confirmation of payee service” that will reduce the risk of misdirected payments.
Swift plans for attributes of the new service to be incrementally developed and validated throughout 2024, enabling financial enterprises to incorporate the solution into their banking channels during the beginning of 2025.
