New Confirmation of Payee scheme coming soon
The Confirmation of Payee service will check if the account owner name matches the account number of the person or business you are paying before you confirm you would like to make a payment. It will apply when you are making new one-off payments or setting up new payees.
The Co-operative Bank is working towards being one of the first banks to offer Confirmation of Payee to our customers. And, like other participating banks, we are taking a phased approach.
When these changes will affect you
The Confirmation of Payee service will be phased in by New Zealand banks from late November 2024 until Easter 2025. Not all customers will have access to the service right away.
Even if you don’t have access to the service right away, because some other people will, you will need to so be prepared when you are making or receiving payments to share your exact account owner name and number with them so they can pay you quickly and easily.
As New Zealand banks prepare to roll out the Confirmation of Payee service, customers should be wary of fraudsters pretending to call from banks. They may pose as bank employees, tricking victims into sharing bank information or changing account details.
The Confirmation of Payee service does not require you to take action. No banks will proactively call, email, or text you to ask you to provide your account information to them, or to immediately update information over the phone.
No banks will ever ask for your password. If you receive a call from The Co-operative Bank or any bank asking for your login details/password, or to take action regarding Confirmation of Payee, hang up immediately.
How the service will work
The Confirmation of Payee service will apply to payments between New Zealand banks when using our mobile app or internet banking to:
- make a one-off payment
- save a new payee
- edit an existing payee
What to expect when making a payment
When making a payment, the Confirmation of Payee service will require you to enter the exact first and last name, or business name, registered to the account, into the Account owner field.
- Before making a payment, be sure to ask the person or business you’re paying to share the exact name of their account - not just their account number. For businesses, their account name could be the company’s legal name rather than its trading name.
- When making a payment, you will be prompted to check if the account owner name and account number match. The most common responses you’ll receive are ‘Match’, ‘Partial match’, or ‘Not a match’. This response will help you decide if you want to proceed with the payment or save the payee, but it won’t stop you from doing so.
- If you receive a ‘Partial match’ or ‘Not a match’ you will be encouraged to check the account owner name and account number before proceeding.
The service won't eliminate scams or mistakes, so it’s important to always check who you’re paying and why, even if the response is a ‘Match’.
Always take the time to question the purpose of any payment or transaction and be alert to scams.
Be particularly alert if you’re told by the person you’re paying to ignore a ‘Not a match’ or ‘Partial match’ response. If the payment details are incorrect or turn out to be a scam, the payment may not be recoverable.
Getting paid
The account details you provide to the person or business who is trying to pay you will be checked against the actual name on your account. For customers of The Co-operative Bank, this will be your full first name and last name.
You will need to provide the actual name on your bank account to the person paying you. For joint accounts, you can provide either one or both correct names on the account to the person paying you.
Using the correct name and number for your account will mean people paying you will get a ‘Match’.
If the person paying you does not have your correct details, they will receive a ‘Partial’ or 'Not a match'response. The notification will prompt them to contact you for the correct details or caution them against proceeding with payment without verification. The person paying you might decide to delay, or not to make the payment.
How to find your account owner detail
To find your account owner name and number on The Co-operative Bank app:
- Log into the app and tap one of your accounts.
- You will see your account owner name and account number underneath your balance.
- Tap on the share icon next to these details to share.
To find your account owner name and number on Internet Banking:
- Log into Internet Banking and click on one of your accounts.
- Account details can be found and copied from the left of the account screen on a computer, or under the ‘Show account info’ drop-down on a mobile device.
Different accounts may have different account owners, particularly if you have joint accounts or are a parent signatory to your children's accounts.
If your legal name has changed, you will find information about how to change your account owner name here. If you provide a different name to people who're paying you, they're likely to receive a 'Partial match' or 'Not a match' response, which might cause confusion or delay them paying you.
If you're an Authority to Operate (i.e. a parent operating their child’s account) or a Power of Attorney, and you’re wanting to share their account details for receiving money, you will need to use the account owner’s first and last name, not your own.
Staying vigilant when making payments
It’s always important to remain vigilant when making payments. Confirmation of Payee won't fully identify mistakes or scams or provide a check on payments to overseas bank accounts, registered bill payees or your existing payees.
Always take the time to question the purpose of any payment or transaction and be alert to scams.
Be particularly alert if you’re told by the person you’re paying to ignore a 'Not a match' or 'Partial match' response. If the payment details are incorrect or turn out to be a scam, the payment may not be recoverable.
Never be pressured into continuing with a payment when the details don’t match or where the account cannot be checked. Never share login details/passwords.
If you go ahead with the payment, we will assume that the information you have given us is correct and you will be responsible/liable for any outcomes resulting from that payment.
For more information
We will write to customers with more information about Confirmation of Payee before the service starts to be phased in.
In the meantime, if you’d like to know more, a new website, GetVerified has been launched by the NZ banking industry to help bank customers learn about, and get ready for, the new service.