Treasury and payments platform Finmo has announced that it has gone live with Confirmation of Payee (CoP) in Australia, underlining its commitment to fraud prevention, regulation, and customer satisfaction.
Considering that Australia is working toward an industry-wide CoP rollout, Finmo aims to position itself among the first payment platforms to adopt the solution. Introduced by Australian Payments Plus (AP+) and supported by the New Payments Platform (NPP), CoP assists in mitigating rising fraud by verifying account details before funds are transferred. Additionally, the safeguard supports preventing supplier fraud, misrouted payments, and delays in reconciliation, in turn enabling businesses to have more confidence and control over their payments.
Finmo’s CoP solution
Enabled by Australian Settlements Limited (ASL), a Tier 1 NPP participant, Finmo’s CoP integration allows the company to validate recipient details at the point of initiation, bridging a gap in the payment lifecycle. CoP checks the account name, number, and BSB, a six-digit code identifying the recipient’s bank and branch in Australia, before a transaction is processed.
Commenting on the initiative, representatives from Finmo emphasised that CoP goes beyond just being a compliance feature, coming as a safety capability that provides finance teams with increased control and more confidence in their operations. By automatically verifying payment details before money leaves the account, Finmo aims to optimise fraud prevention, embedding more trust in transactions. Additionally, by being among the first companies to implement CoP, Finmo underlines its proactive approach to compliance, risk, and fraud management. Currently having operations in multiple global jurisdictions and collaborations across the financial ecosystem, Finmo plans to ensure a safer and more secure payments landscape worldwide.
Furthermore, the move comes after Finmo’s regulatory achievement, with the company obtaining a UK Electronic Money Institution (EMI) in July 2025. The approval enabled the company to issue electronic money, facilitate cross-border and domestic payments, offer foreign exchange services, and issue IBANs, among other capabilities. The licence complements Finmo’s existing approvals in Singapore, Australia, New Zealand, Canada, and the US.
