Confirmation of Payee service

Several New Zealand banks are currently in the process of rolling out a “Confirmation of payee” service.

You can learn more about the Confirmation of Payee service on the GetVerified website.

Many of the banks are sending out advice on how to update your personal account name and business account holder name to get a match.

However, the “Confirmation of payee” service currently only applies to users logging into the bank’s website or mobile application to access their personal accounts only.

There is no planned date yet for when the service will be made available to business banking platforms

Please note the Account name fields in PayGlobal are currently designed to support the requirements of direct credit bank files, which currently remain at 32 characters despite the banks extending the fields width within their websites and mobile applications to 140.

PayGlobal will not be extending the field width at this time, as we need to work through the impact this has with onboarding integrations.

As the banks are not validating the Account name with the Account number when you send a Direct Credit Schedule File to your bank, you do not need to change any of your existing Account name field values currently.