- 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%.
- Bank customers are managing their money relatively well in the current economic conditions according to retail banking insights released today by the New Zealand Banking Association. The insights from January to June this year showed customers continued to use credit cards prudently and were maintaining home loan repayments. Of the 2.23 million customers who had... Read more »
- Banking Association chief executive Roger Beaumont said banks had responded to the minister in line with his February letter and were “discussing next steps”.
