Banks launch confirmation of payee

Joint banking sector organisation GetVerified has been set up to implement the system. (Image: Supplied)

Fri, 29 Nov 2024

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"...

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