The New Zealand banking industry is working together to launch a new Confirmation of Payee (CoP) service.
The new service enables you to check if account names and account numbers match before making a payment.
Paying someone
From the end of November 2024, the Confirmation of Payee service is being slowly phased in by banks across personal mobile and online banking platforms.
- Setting up a new account to pay,
- Making a one-off payment, or
- Editing an existing account to pay online.
Getting paid
To get paid quickly and easily, you must provide the right account information to the person paying you. This includes:
- Your correct account number; and
- The correct name registered to the account.
Businesses and sole traders
People and some businesses may start receiving requests for their full account details from late November. Sometimes, a business might have a different trading name to its account name. It’s important for all businesses to clearly communicate the correct name and number registered to their account for customers to use.
Your bank and CoP
The new service was launched in a phased delivery 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.
As new functionality becomes available, your Bank will communicate any changes to you.
GetVerified is the official provider of Confirmation of Payee services to New Zealand banks. Read more »
