Today marks a significant step forward in protecting New Zealanders from payment mistakes and scams with the launch of the new Confirmation of Payee (CoP) service.
Jo Barriball
Nov 28, 2024
Duncan Robertson, CEO of GetVerified—an organisation established by New Zealand banks to implement CoP and other anti-scam initiatives—says he’s proud of the effort to get CoP up and running swiftly.
“New Zealand will become one of the first countries to roll out the CoP service nationwide across all major banks,” says Robertson. “Next year, we’ll open the service to other providers, offering wider reassurance for banking customers that they know who they’re paying.”
The new CoP service will be noticeable to customers in three scenarios; when paying someone new, when editing an existing payee and when making a one-off payment.
Instead of relying on initials or nicknames, customers will now need to provide both the account name and number of the recipient. The system will then check if the entered name matches the recipient’s bank records.
Robertson emphasises that the final decision to proceed with the payment rests with the customer.
“One of the biggest advantages of CoP is that it provides a result—usually a Match, Partial Match, or No Match—that prompts customers to pause and double-check. A Partial Match or No Match serves as a red flag to ensure customers verify the details and consider whether they trust the person they are paying,” Robertson explains.
“There are no blocks to making payments, regardless of the result. But we encourage everyone to take a moment and think carefully before proceeding.”
The new service will help customers avoid payment errors, but Robertson also reminds customers to stay vigilant. “Scammers are constantly evolving their tactics and CoP will not fully protect customers from scams.
The good news is, as a bank customer, you don’t need to take any action to enable the service—it will be automatically available on your banking platform once your bank has launched it. Remember, banks will never ask for your username, password, or any codes sent to your phone.”
The launch of CoP reflects a strong commitment to protecting the integrity of customer payments. This service will help bolster trust and security in the New Zealand financial system.
Banks are incrementally launching the service over the next 3-4 months. While some customers will see the feature immediately in their mobile and online banking apps, others will gain access over time as banks fine-tune the system’s functionality. By Easter, the CoP service will be fully available for personal banking across all participating banks when making domestic account to account payments.
The service is designed for NZ-based, account-to-account payments. It appears in your banking app when you add a new payee, make a one-off payment, or edit an existing payee. After entering the account name and number, the service checks these details against the recipient bank’s records. A pop-up then indicates whether there is a Match, Partial Match, or No Match.
Robertson, CEO of GetVerified, the CoP service provider explains, “If you get a Partial Match, it’s likely due to a typo or use of initials instead of a full name. A No Match suggests the account name may not match the intended recipient. We recommend customers pause and double-check with the person they’re paying to ensure correct account details. Only proceed if you are confident in the match and trust the recipient.”
For more information about CoP, see: www.getverified.co.nz.
