- Hon Andrew Bayly
A new confirmation of payments system in the banking sector will make it safer for Kiwis making bank transactions, Commerce and Consumer Affairs Minister Andrew Bayly says.
"In my open letter to the banks in February, I outlined several of my expectations of the sector, including the introduction of a Confirmation of Payee (CoP) system. I am pleased to see this being implemented and look forward to continued progress in this area.
"This new system will give Kiwis greater peace of mind by allowing them to confirm that the name of the person they're paying matches the bank account details before they send any money.
"The CoP service is a practical step towards making payments more secure, reducing the chances of errors or potential fraud where funds are mistakenly sent to the wrong person."
New Zealand's retail banks will begin a phased rollout of the CoP service from November 2024, with full implementation across all digital banking platforms, including mobile apps, expected by Easter 2025.
"Banks are working to ensure the service is carefully tested and integrated across different platforms to guarantee a smooth implementation for customers. This phased approach ensures consumers will experience the benefits without any disruptions.
"CoP is part of a broader effort by government and the banking sector to enhance security and protect New Zealanders from financial crime."
Notes to editor:
- More information on the Confirmation of Payee service can be found at: getverified.co.nz
