Commonwealth Bank is set to offer a tool used to prevent mistaken payments to government organisations, payment processors and other companies from later this year.
The NameCheck tool was introduced in February to check that a payment is to be made to a known account, including “whether the account name entered by the customer matches a BSB and account number”.
CBA said today that the tool had already prevented “over 11,000” of its customers from making in excess of $11 million in mistaken payments - either to the wrong recipient, or potentially to a scammer.
Starting today, the bank said it would extend the tool to busines customers using its CommBiz platform.
It also said it intended to offer NameCheck outside of the bank later this year.
The offer would be made “to government organisations and other financial service companies that process payments in Australia”, it said in a statement.
“Other organisations with appropriate controls, monitoring, and oversight will be able to benefit from CBA’s payment capabilities through a secure API,” the bank said.
“We have commenced discussions with government bodies and other financial institutions and we look forward to extending our technology to other trusted organisations to help prevent scams and fraud,” group fraud general manager James Roberts said in a statement.
“We believe that a national ecosystem response with involvement from business, government and the community is needed to holistically address scams and fraud.
“By making NameCheck available outside of CBA, we are strengthening the ability of the payments ecosystem in preventing financial loss.”
