Confirmation of Payee bank changes

From the end of November 2024, the Confirmation of Payee service will be phased in by banks.

From the end of November 2024, the Confirmation of Payee service will be phased in by banks across personal mobile and online banking platforms. This service provides a check for NZ bank transfers to see if account names and account numbers match before making a payment.

Info for sellers

Where before you may have only shared your initials or a nickname when sharing your bank account, you now need to share the full name registered to the account. This also applies to businesses with trading names.

If you are unsure of your correct account details, refer to your bank’s website or systems for guidance.

You can check and update your Payment Instructions in your My Trade Me settings.

Info for buyers

The Confirmation of Payee check reduces the risk of making a mistake and paying the wrong person. While it doesn’t ensure a safe transaction, it can help to avoid scams.

Contact the seller if you need to confirm their bank account details for the Confirmation of Payee check.

If you would like to learn more about the Confirmation of Payee check, you can read these FAQs.