Confirmation of Payee (CoP) is a free payment verification service offered by most New Zealand banks to protect customers. The new service is designed to enhance the security of bank transfers by ensuring that the name on a recipient's account matches the account details you provide when making a payment. This extra layer of verification helps prevent fraud and minimizes the risk of payments being sent to the wrong person.
With the rise in scams and misdirected payments, this system provides greater assurance that your money will reach the intended recipient. It reduces the chances of errors, especially for first-time payments or when setting up a new payee.
How it works
- Set up your payment as usual: Enter the account name, account number, reference and total payment amount.
- CoP verification: The bank will check the account name you entered against the account details provided by our bank.
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Result notification: You'll receive one of the following outcomes:
- Match: The account name matches the details and you can proceed with payment.
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Partial Match: The account name is similar but not exact. Please double-check the details for any typos and remove any extra spaces around "OrbitRemit"
- No Match: The account name doesn't match the account details. You should verify the information before continuing. It's possible that the account name has been entered incorrectly or does not exactly match the registered name on our account "OrbitRemit"
What this means for you
When sending money, you may be asked to confirm our details more frequently. This process is quick and ensures peace of mind that your payment is going to the right person.
CoP checks are most commonly applied when setting up a new payee or making one-off payments. Frequent payments to saved payees may not require this step. Find out how you can save OrbitRemit as a payee.
While CoP significantly reduces the risk of fraud and errors, you should still remain vigilant. Scammers may use tactics to mislead you about account details. Always verify directly against the payments details we provide within the app.
CoP will be available across major banks in New Zealand by the end of November 2024. Check with your bank to confirm when they'll support CoP.
For more information or assistance, please contact your bank or reach out to our support team at support@orbitremit.com. We're here to help make your money transfer experience seamless and secure.