Stay alert. Scammers may target you during Confirmation of Payee rollout. Read update
It is a service for NZ based payments which provides a check to see if account names and account numbers match before making a payment. This reduces the risk of making a mistake and paying the wrong person, and can help to avoid scams.
A payee is the term used to describe the person or business that you are paying money to.
The Confirmation of Payee check is done using secure software. It compares the account information entered by the payer in their online or mobile banking app with the details held by the recipient's bank. The software checks if the entered account holder's name matches the bank's records for that account number. All account information used in the check is fully encrypted and is not stored after the process is complete.
Yes. To perform the Confirmation of Payee check, only account holder names and bank account numbers are collected and processed to perform the matching service. The service uses data encryption to perform the match and provide match notifications, without storing any personal information.
The service is built to comply with the Privacy Act 2020 and adheres to high security standards.
The new service is being launched in a phased delivery in New Zealand from the end of November 2024.
Each bank is implementing the service in different stages with enhancements made over time. During this initial period, customers might find it is available from some banks and not others, alternatively it might be available on online banking platforms but not mobile banking apps, as different services become available.
In time, the service will also be applied to customers using business banking mobile apps and online business banking platforms.
In some instances, your bank or building society might not offer Confirmation of Payee. In this case, it’s especially important to make sure the details are correct with the person or business you are paying.
If your bank is participating in the Confirmation of Payee implementation, then yes. However, the implementation of the Confirmation of Payee service begins from the end of November 2024, and each bank is implementing the service in different stages with enhancement made over time. Your bank will communicate with you as new functionality becomes available.
From the end of November 2024, we only perform the Confirmation of Payee check on payments made from personal online and mobile banking apps to New Zealand based accounts.
In time, the service will also be applied to customers using business banking mobile apps and online business banking platforms.
It’s important that you don’t send money to the wrong place as your bank may not be able to get it back. Make sure you know and trust the recipient and check with the person or business that the account details you have are correct.
Match: If you have used the correct account holder name, you will receive confirmation that the details match. This does not ensure a safe transaction. Always take the time to question the purpose of the transaction and the trustworthiness of the recipient before making a payment.
Partial Match: If you have used a similar but not exact name to the account holder you will get a Partial Match notification. You may have used a shortened name or made a small typo. Update with the full account name to get an exact match or continue if you know and trust this payee.
No Match: If you have entered the wrong name for the account holder, you will be told that the details do not match and advised to contact the person or organisation you are trying to pay.
If you continue, you could send money to the wrong account holder and this payment may not be recoverable. Before continuing it’s a good idea to:
Always be wary if you're told to ignore a ‘no match’ response.
Account type can’t be checked: When the bank has attempted to run the check, they’ve been unable to verify the account details. This might be because the account is closed or it’s a type of account that can’t accept payments. Continue only if you trust the payee and are confident the account name and account number are correct.
Can’t check payee details: When the bank has attempted to run the check, they haven't been able to complete it. This could be because the bank managing the account you are paying from or to has not yet enabled this functionality. Continue only if you know and trust this payee.
Can’t check payee details right now: This means there has been a temporary technical issue when the bank has attempted to run the check and they're unable to complete it. This may occur if there is a system time-out. Continue only if you know and trust this account holder or try again later.
If payees are already saved in your online or mobile banking app, they will not be checked by the Confirmation of Payee service unless you edit the saved payee. Before you make a payment, make sure you know the account details are correct and pause and consider if you trust the payee.
You should always contact the person or business you are trying to pay to check the account details you have are correct. Ask for the full account holder name and number registered to the bank account. For businesses, this may, or may not, be the same name as their trading name.
If you’re unsure of the account holders name or account number, contact the person or business you’re paying directly to get the correct details. Ask for the full account holder name and number registered to the bank account. For businesses, this may, or may not, be the same name as their trading name.
From the end of November, the Confirmation of Payee service will allow people to check if account names and account numbers match before making a payment. This reduces the risk of making a mistake and paying the wrong person, and can help to avoid scams. To get paid quickly and easily, you must provide the right account information. Where before you might have shared only your account number, now, you must share the correct account number and full name registered to that account. If customers enter the wrong account holder name, they may be notified that the details don’t match and advised to contact the person or business they are trying to pay.
Where before you may have shared your initials or a nickname, you now need to share the full name registered to the account.
If you’re unsure of your correct account details, refer to your bank’s website or systems for guidance.
People and some businesses may start receiving requests for their full account details from late November. If customers enter the wrong account holder name, they may be notified that the details don’t match and advised to contact the person or business they are trying to pay. This may stop or slow down the payment. If your account name no longer reflects your legal name, we recommend changing your account details with your bank.
