Author: Philip vanDyk

According to Beaumont, two overseas banks have announced in the past 18 months that they are exiting the retail market, which is a setback for competition.

New Zealand Banking Association chief executive Roger Beaumont said only 1.4% of home loan customers were behind on their repayments.

The NZ Banking Association said the average savings account balance in June was $15,800.

“Whether or not merchants charge their customers for the cost of processing card payments is a matter for them. Some may prefer to pass on the cost, while others may absorb it as a cost of doing business,” said NZBA chief executive Roger Beaumont in a statement.

According to Beaumont, this means the confirmation of payee service might not be available across all online banking platforms “simultaneously” but retail banks want to have the service available across all online personal banking channels by Easter 2025.

Banking Association chief executive Roger Beaumont acknowledged that it would take different banks different lengths of time to test and deliver the system. “The technology build and integration of the new service differs across banks, so it’s unsurprising that each bank’s testing and delivery phase looks slightly different.”

The New Zealand Banking Association said confirmation of payee will provide an extra layer of reassurance for customers in NZ, but cautioned people not to be complacent.