Confirmation of Payee in New Zealand
The NZ Banking industry launched the Confirmation of Payee service in November 2024. Before then, there was no way to verify if account details were correct before a payment was made.
Now, Banks and account issuing entities can verify the accuracy of account details in real-time, through the Confirmation of Payee service. This reduces the risk of making a mistake and paying the wrong person and can help to avoid payment scams.
CoP checks for businesses and government agencies
VerifyBiz gives you access to the Confirmation of Payee service outside of traditional banking channels. This means you can check if account details are correct at any stage of a process where accuracy of account details is critical, like:
• Onboarding new customers, suppliers or employees
• Setting up direct debits, or
• Editing existing account details.
So how does it work?
VerifyBiz is flexible
You can connect to it in two different ways:
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Via secure web portalAccessed through any internet connected device via a secure website with two-factor authentication - ideal for quick setup and use by your team members. |
Via direct APIConnected directly into your own systems, for example this could be used by your team when using internal systems or made customer-facing integrated into a customer’s digital journey. |
VerifyBiz delivery
Depending on which solution you have, design and implementation phases vary.
Ready to get started?
Have a look around our knowledge base for all the resources you need to get started.