Together with the New Zealand banking industry, Bank of China (New Zealand) Limited is launching the Confirmation of Payee service. The service applies to domestic payments between New Zealand banks when using Bank of China mobile app or online banking, including making a one-off payment, saving a new payee and editing an existing payee. The detailed service guide and frequently asked questions are as follows:

What is Confirmation of Payee service?

When entering the payees details to make a payment, the service checks if the account name and number entered, matches bank’s records.

The purpose of this service is to reduce the risk of making a mistake and paying the wrong person, and can help to avoid scams.

You can learn more about the service on the NZ Banking industry’s, GetVerified website https://www.getverified.co.nz/

How does Confirmation of Payee work?

A check will be conducted when a client initiates a payment and enters the payee’s account holder name, the account number and other information. It will return the following results:

• “Match” – the name and account number you’ve entered match the bank’s records.
• “Partial Match” – the name you’ve entered does not exactly match the bank’s records. You may have used a shortened name or made a small typo.
• “No Match” – the account name and number you’ve entered don’t match the bank’s records for the person you are trying to pay, you may be paying to the wrong account and the funds may not be recovered.
• “Account type can’t be checked” – the account number you entered is invalid, you may have made a mistake, check again and only continue if you know and trust this payee.
• “Can’t check payee details” – the payee’s bank is not a participant of the Confirmation of Payee service, check is unavailable, continue payment only if you know and trust this payee.
• “Can’t check details right now” – check is temporarily unavailable due to a technical issue, continue payment only if you know and trust the payee.

Customer Notices

• When entering the details of the payee, please make sure you have entered the full first and last name as registered on their bank account.
• If you are making a payment to a business, please enter the business name as registered on their bank account. Some businesses use Trading as names and you may need to ask for the correct account details as registered on their bank account.
• Double-check the account name and number of the payee before making a payment.
• If your information changes, please update your details in a timely manner. Make sure your correct name and account number is provided to the payer.
• If the check does not return a “Match”, double-check you’ve entered the correct account name and number, or contact the payee to get the right account details. Ask for the correct account details as registered on their bank account.
• If you have any questions, please contact us through the following ways:

Customer Service Tel: 0800 695 566 (Within New Zealand); 0064 9980 9000 (From Overseas)

Email: service.nz@bankofchina.com

Confirmation of Payee FAQs

The following frequently asked questions (FAQs) provide a detailed overview of how Confirmation of Payee works, its benefits, and what to expect when using the service.

Q: When will I use Confirmation of Payee?

A: Confirmation of Payee will check the account names and numbers before you are making a payment from online banking and mobile apps to New Zealand based accounts.

Confirmation of Payee is available if you are making a payment to the following banks:

ANZ, ASB, Bank of China, BNZ, CCB, The Co-operative Bank, Heartland Bank, ICBC, Kiwibank, Rabobank, SBS, TSB and Westpac. Later this year, more banks and payment service providers will also provide the service.

Q: Does the check apply to payees saved in the past?

A: If payees are already saved in your online banking or mobile app, they will not be checked by the Confirmation of Payee service unless you are editing a saved payee.

Q: Can I opt out of Confirmation of Payee?

A: You cannot opt out of using Confirmation of Payee. However, you can choose whether to proceed with the payment after receiving a Confirmation of Payee response.

Q: What should I do if I don’t receive a “match”?

A: Contact the person or business you are trying to pay to confirm the correct account name and number registered with their bank. Avoid making payment until you are certain the details entered are correct and you trust the payee.

Q: Are there any fees associated with Confirmation of Payee?

A: There is no additional fee for Confirmation of Payee service.

If you have any other questions that are not covered here, please contact us or visit GetVerified website at https://www.getverified.co.nz/faq.