Banks in New Zealand have initiated a phased rollout of Confirmation of Payee (CoP) using technology from UK fintech obconnect.
Confirmation of Payee offers bank customers additional reassurance when executing domestic payments between accounts. This service operates at the point of payment, verifying whether the account name and number correspond with real-time bank records.
Participating banks include ANZ, ASB, Bank of China, BNZ, CCB, The Co-operative Bank, Heartland Bank, ICBC, Kiwibank, Rabobank, SBS Bank, TSB, and Westpac. The phased rollout is set to be completed by Easter 2025, echoing the implementation of a similar anti-fraud measure in the UK.
Roger Beaumont, chief executive of the New Zealand Banking Association, stated, “Banks have been collaborating swiftly to make the service available before the end of the year. Given the complexity of payment services, some banks are taking a phased approach to ensure thorough user testing and customer understanding.
“The good news is that banks are working to have the service available across all online personal banking channels by Easter 2025.”