What is Confirmation of Payee?
Together with the New Zealand banking industry, ASB is launching a Confirmation of Payee service that helps you take a sec to check whether the account owner name and number match when making a payment.
This way, you'll have greater confidence that you're paying the right person - it's another tool to help us all stay one step ahead of scammers.
Check out the video to find out more.
You can learn more about the change at getverified.co.nz
How it works
From late November 2024, when making a payment to a new payee within New Zealand using the ASB Mobile Banking app or FastNet Classic internet banking, you'll see the Confirmation of Payee check. You'll be shown a response, but it's up to you whether you choose to go ahead with the payment.
Match
The payee name and number match.
Partial match
Not quite an exact match. You might have used a preferred name instead of a full name, or have a spelling mistake.
Not a match
You may have a few spelling mistakes, entered the wrong account number, or the name doesn't match the account. Check the details, or stop the payment.
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If you receive a 'Partial match' or 'Not a match' response, check you've entered the details correctly or contact who you are paying to confirm you have the correct details. If you choose to proceed, take a sec to check who you're paying and why.
Read all the possible responses and what they mean.
What this means for you
When making a payment to someone new, you'll need to enter the name of the account owner, along with their bank account number. If someone is sending money to you, you'll need to share your details too.
For individuals, this is the full first and last name (e.g. Jonathan Smith) the account is registered to. You won’t need to include any middle names.
For businesses, this is the full business account name (e.g. Bakehouse Ltd t/a Anne's Bakery).
What this means for businesses
Getting paid
To ensure there is no delay in receiving payments from your customers, make sure they have your business account name and number. You can find this on your ASB statements.
Check our FAQs to learn how to find and share your account details on FastNet Business and FastNet Classic.
Important: We recommend including your business account name and number on your invoices and documents where you're requesting payment. Make sure you check and update your payments details on any websites or digital platforms (like Xero, MYOB and HNRY).
Making payments
If you use FastNet Business internet banking or ASB Mobile Business to make payments, the check won't be available just yet. We're working with the industry to make this happen, so we will be in touch when it's ready. In the meantime, take a sec to check the account details you're paying to.
Frequently asked questions
1. I have a joint personal bank account, which name should I provide?
2. How do I find and share my account owner name in FastNet Classic or the ASB Mobile Banking app?
3. How do I find my business account name in FastNet Business?
4. How do I change my account owner name?
5. Will a check be done on my existing payees?
6. My friend or family member is able to see the check responses, but I can't. What's going on?
7. Will the check work for international payments?
8. What if I ignore the response and the payment turns out to be a scam?
9. Why does the result say you can't check with all banks?
More ways to stay safe
Our 24/7 fraud helpline.
Have you spotted suspicious or unfamiliar activity on your account? Our specially trained team are available 24/7.
Get educated on scams.
Check out the latest information on common and emerging scams so you can stay one step ahead of scammers.
