New Zealand banks to introduce CoP by Easter 2025, verifying payment details to combat scams.

New Zealand banks are introducing a new safety tool called Confirmation of Payee (CoP) to protect against payment scams. Available by Easter 2025, CoP will verify the recipient's name and account number against real-time bank records, showing a 'match', 'partial match', or 'no match.' While the system won't block payments, it encourages users to double-check details before proceeding.

November 28, 2024
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