- “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.
- The system will not fully protect them from scams and criminals will continue to look for ways to trick customers into making payments, Beaumont said.
- The latest Retail Banking Insights publication from the New Zealand Banking Association – the banking lobby group – found 39.7% of mortgage holders in NZ were ahead of minimum mortgage repayments.
- New Zealand’s retail banks will start rolling out the new Confirmation of Payee service by the end of November this year, says the New Zealand Banking Association. It will be a phased delivery to customers to ensure proper testing and customer satisfaction. Confirmation of Payee will provide bank customers with an extra level of reassurance... Read more »
- Despite tough economic conditions, New Zealand bank customers are handling their financial responsibilities well, according to the New Zealand Banking Association’s latest retail banking insights for January to June 2024.
- The NZBA figures show that there are 9.86 million unique banking customers. Of those, 9,267 customers applied for hardship status, up 1% from the period between July 2023 and December 2023. 5,968 customers were granted hardship status, up 6.9%.
