Treasury and Payments Platform Finmo Enhances Transaction Security with Confirmation of Payee Rollout in Australia

SYDNEY and SINGAPORE, Aug. 4, 2025 /PRNewswire/ -- Finmo, a Treasury and Payments platform solving for speed, security, and control in modern finance, has officially gone live with Confirmation of Payee (CoP) in Australia, reinforcing its commitment to fraud prevention, regulatory readiness, and customer trust.

As the country begins its industry-wide CoP rollout, Finmo is among the first payment platforms to adopt the safeguard. Mandated by Australian Payments Plus (AP+) and supported by the New Payments Platform (NPP), CoP helps tackle rising fraud by verifying account details before funds are sent. It also helps prevent supplier fraud, misrouted payments, and delays in reconciliation, offering businesses greater confidence and control over every transaction.

Anthony Yeoh, Chief Compliance Officer of Finmo said, "Being among the first to implement CoP reflects Finmo's proactive approach to compliance, risk and fraud management. It's not just about meeting regulatory expectations; it's about building trust into the foundation of every transaction. With global operations in multiple jurisdictions and partnerships across the financial ecosystem, we're taking meaningful steps towards ensuring a safer global payments landscape."

Finmo's CoP integration is powered by Australian Settlements Limited (ASL), a Tier 1 NPP participant. This real-time connectivity allows Finmo to validate recipient details at the point of initiation, closing a gap in the payment lifecycle. CoP verifies the account name, number, and BSB - a six-digit code identifying the recipient's bank and branch in Australia - before a payment is processed.

Akhil Nigam, Chief Product Officer and Co-founder of Finmo explained, "CoP is more than a compliance feature, it's a powerful safety net that gives finance teams greater control and confidence. By automatically verifying payment details before money leaves your account, we're helping shift fraud prevention from reactive to proactive, embedding trust into the very fabric of every transaction."

Adrian Lovney, Chief Payments and Schemes Officer of AP+ said, "Confirmation of Payee is all about giving customers greater control and confidence when making payments. It's a simple concept, but it adds a powerful extra layer of protection for everyday transactions."

Mark Tibbles, Chief Executive Officer of ASL said, "We're proud to support Finmo in delivering real-time Confirmation of Payee in the initial phase of market rollout. Moving quickly to bring this feature to Finmo users improves network safety and builds trust for businesses and consumers alike."

This milestone builds on Finmo's regulatory momentum, following its approval as a UK Electronic Money Institution (EMI) in July 2025. The licence authorises Finmo to issue e-money, provide domestic and cross-border payments, and offer FX services, while enabling direct access to UK clearing systems and the ability to issue IBANs and safeguard client funds locally. The UK EMI licence complements Finmo's existing approval in Singapore, Australia, New Zealand, Canada, United States, and UK.