(15 October 2024 – New Zealand) Banks in New Zealand have started a phased introduction of the Confirmation of Payee (CoP) service, utilising technology provided by UK fintech obconnect.
CoP offers an added layer of security when transferring funds between domestic accounts by verifying that the account name matches the bank’s real-time records at the point of payment.
The banks involved in this roll-out include ANZ, ASB, Bank of China, BNZ, CCB, The Co-operative Bank, Heartland Bank, ICBC, Kiwibank, Rabobank, SBS Bank, TSB, and Westpac.
The staggered implementation, set for completion by Easter 2025, follows a similar approach to the system launched in the UK, designed to combat fraud.
Roger Beaumont, chief executive of the New Zealand Banking Association, noted: “Banks have been working together at pace to start making the service available before the end of the year. Due to the size and complexity of payments services the banks offer, some banks are adopting 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.”