Swift has been selected to build an industry wide Confirmation of Payee Service for Australian Payments Plus (AP+).
Swift has been chosen by AP+ to build the Confirmation of Payee, a security measure that helps protect consumers from fraud by confirming the identity of the payee before a payment is made.
The new service aims to reduce the risk of misdirected payments and bolster defences against payment fraud, instilling Australians with more confidence when transferring money.
This decision builds upon Swift’s previous experience. Previously, the firm built and currently operates the New Payments Platform (NPP), an industry wide payments platform, which ‘revolutionised’ Australia’s payment landscape.
Suresh Rajalingam, Head of Oceania at Swift, commented: “We are delighted to be working with AP+ and NPP participants to develop this important new service for Australian consumers.
“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”.
Additionally, the company’s selection comes from its capabilities in AI and data services, including Payments Pre-Validation for cross-border payments, that is already eliminating international payments friction with upfront account verification.
Earlier this year, StoneX became one of the first financial institutions to integrate Swift’s Payment Pre-Validation service, allowing its clients to benefit from a range of services, spanning across 140 currencies and over 180 countries.
Adrian Lovney, Chief Payment and Schemes Officer at AP+, said: “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. Swift was the logical choice to partner with us in developing this important service, building on the strong partnership that we have had in place for a number of years.”
