Banks launch confirmation of payee

Banks launch confirmation of payee
Joint banking sector organisation GetVerified has been set up to implement the system. (Image: Supplied)
Maria Slade
The New Zealand banking sector has gone live with its long-awaited confirmation of the payee system, which checks that payments are going to the right accounts.Confirmation of payee (CoP) means bank customers must fill in the exact name of the account they want to pay to, or they will get a warning.CoP is a joint industry initiative led by the NZ Bankers Association.The banks have established GetVerified to implement CoP and other anti-scam initiatives.From this week, when bank customers push send on a payment, many will get a "match"...

More Finance

FNZ employee shareholders stake claim at $7.7b
Finance

FNZ employee shareholders stake claim at $7.7b

The claim has been lodged in the High Court at Wellington.

FMA warns lenders on mortgage fraud
Finance

FMA warns lenders on mortgage fraud

The FMA sees dangers for borrowers if lenders aren't vigilant.

Staff reporters 25 Jul 2025
‘Teflon Man’ Neil Quigley’s next big job
Finance Analysis

Pattrick Smellie: ‘Teflon Man’ Neil Quigley’s next big job

Is the RBNZ lining up a Canadian replacement for Adrian Orr?

Pattrick Smellie 23 Jul 2025
Time ripe to stop forex fees confusion
Finance

Time ripe to stop forex fees confusion

Misleading 'fees free' foreign exchange deals are costing Kiwis.

Pattrick Smellie 22 Jul 2025