Open Banking — Confirmation of Payee — August 2024

This guidance is only for IRIS Financials Version 7.0.2223 or later. If using version 7.0.2103 or earlier, or Version 6, this feature is not available.

We're excited to announce you can now check the authenticity of bank details provided for payments you make to your customers and suppliers with the bank using Confirmation of Payee within IRIS Financials.

We are starting to the release the Confirmation of Payee feature automatically from the 23rd August 2024, and it should be available to all organisations by the end of October 2024.

When adding or changing the bank details in the Payments section for accounts, run the check with the bank.

If there are any issues with the details or they do not match the bank's records, an appropriate warning is displayed with guidance to help you resolve or override the issues.

Checking the bank details match the bank's records can help reduce the risk of payments failing during a payment run. We recommend running the Confirmation of Payee checks when adding, changing, or updating bank details for an account, but you can run the checks as often as required.

After the check has been run, the Confirmation of Payee section displays the details of the latest check completed.