Commonwealth Bank plans to offer its NameCheck tool to prevent mistaken payments to government organizations, payment processors, and other companies starting later this year. The tool, introduced in February, verifies if a payment is intended for a known account by checking if the account name matches the provided BSB and account number.
According to CBA, the NameCheck tool has already prevented over 11,000 customers from making mistaken payments totaling more than $11 million, potentially to incorrect recipients or scammers.
Today, the bank announced the extension of the tool to business customers using its CommBiz platform. Additionally, CBA intends to make NameCheck available to external organizations beyond the bank later this year. This offer will be extended to government organizations and financial service companies involved in payment processing in Australia.
The bank stated that organizations with proper controls, monitoring, and oversight can benefit from CBA’s payment capabilities through a secure API. Discussions have already begun with government bodies and financial institutions, with the aim of collaborating to prevent scams and fraud.
James Roberts, Group Fraud General Manager, emphasized the need for a comprehensive response involving businesses, government, and the community to effectively address scams and fraud. By expanding the availability of NameCheck beyond CBA, the bank aims to strengthen the overall payment ecosystem’s ability to prevent financial losses.
