Confirmation of Payee - New Zealand - coming soon

Confirmation of Payee video

Coming soon

About Confirmation of Payee

Confirmation of Payee is a service that checks the bank account details entered by a payer with the account details held by the recipient’s bank and displays a match outcome to the payer.

Confirmation of Payee is available when the following occurs:

• A new beneficiary is created,
• An existing beneficiary is edited, or
• When adding a new ad hoc beneficiary to a Domestic Payment, or Template via Payments Menu.

When a person pays you, their bank may also use Confirmation of Payee to validate your account details. It is important to provide your registered account name and account number.

Confirmation of Payee is there to help protect you; it helps you avoid paying the wrong person, adding another layer of protection to help reduce scams and fraud.

What do businesses need to do to prepare for Confirmation of Payee?

It is important for you to ensure that the account name listed on your invoices and websites exactly matches the name associated with bank account details provided to your payers. This will help limit the number of enquiries you receive from payers where they are uncertain about whether the bank account they are paying belongs to you.
You can find your organisations bank account name in the Account Name column from the Operating Accounts Screen.

To learn more about Confirmation of Payee in jurisdictions where available:

• Australia, visit Confirmation of Payee - Australia.
• India, visit Beneficiary Account Name Lookup

How Confirmation of Payee works

When you send money to a business or person using their account number, Confirmation of Payee will check the account details you have entered with the account details held by the recipient’s bank and let you know the match outcome.

Using this information, you can choose whether you want to go ahead and make the payment, pause and check the details again – or stop the payment altogether.

Confirmation of Payee is available for Domestic Payment.

To learn more about how to manage beneficiaries, visit Create & Manage Beneficiaries.

Confirmation of Payee possible outcomes

When Confirmation of Payee checks the details you have entered it will return one of the following outcomes:

Confirmation of Payee Match Outcomes

RESULT	OUTCOME
Match	The beneficiary name and account number match.
Partial Match	The beneficiary name entered is a partial match for the account. WARNING! The beneficiary name you have entered is not an exact match for this account number, but it is similar. You may have used a shortened name or made a typo. Use their legal first and last name, or business name, to get an exact match or continue if you know and trust this beneficiary.
No Match	The beneficiary name entered does not match the account. WARNING! Before continuing: Check that you have used the beneficiary’s legal first and last name, or business name. Check that the account number is correct. Pause and consider whether you trust this beneficiary and can verify their identity.
Invalid account number	The account number appears to be invalid, and your payment may not go through. Double-check the account number is correct or contact the beneficiary to obtain the correct account details.
Account type not supported	We are unable to check the account details.  Continue if you know that the account details are correct and you trust this account holder.
Error - not supported	We cannot check this name and account number because this beneficiary's account provider does not provide a matching service. Continue only if you know and trust this account holder.
Service is unavailable	Due to a temporary technical issue, we cannot match this name and account number right now.  Continue only if you know and trust this account holder or try again later.