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| MEMBERS ONLY. NEWS AND VIEWS FROM THE SBS TEAM. |
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| Dear Member// We wanted to get in touch to let you know that the New Zealand banking industry is working together to launch a new Confirmation of Payee service at the end of November. This will mean that when you make a payment through our SBS internet banking or mobile app services to another person in New Zealand, you will receive a prompt through the Confirmation of Payee service to double-check the exact account holder name and the account number of the person you would like to pay. This will reduce the risk of making a mistake and paying the wrong person, and could help to avoid payment scams. It's important that you update to the latest version of the SBS Bank Mobile App (iOS or Android) from November 28, to ensure you are ready to go with the Confirmation of Payee service and able to make payments. |
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| How will Confirmation of Payee work? When you are making an online payment into a New Zealand held bank account, the Confirmation of Payee service will check to see if the account holder name and account number are an exact match for the person you would like to pay before you proceed with the payment. It will return one of the following notifications:
- Match
- Partial match
- Not a match
- Account type can't be checked
- Can't check the payee details
After you have received a notification, you will need to decide whether you are happy to proceed with the payment. It’s important to know that in most instances, the system won’t stop you making the payment if the service does not return an exact 'match', so you need to ensure you are comfortable that you’re paying the right person. The exception to this is the 'Account type can't be checked' notification (you will not be given the option to proceed if the check returns this result). |
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| When will the Confirmation of Payee service start? The Confirmation of Payee service will be introduced through a phased approach by banks across mobile and online banking platforms. For SBS, the Confirmation of Payee service will start at the end of November. |
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| Will all payments be checked by the Confirmation of Payee service? The Confirmation of Payee prompt will appear when making a payment online if you are:
- Setting up a new payee
- Making a one-off payment to an unsaved payee
- Editing an existing payee
There are only a few instances when you will not be prompted to run a Confirmation of Payee check, these are when:
- You’re making a payment to a payee that is already saved and you have made a payment to them before.
- You’re making an 'Approved Payee' payment to an organisation that is registered as a payee with their bank and Payments NZ. For example, organisations such as local councils, power or water companies have already been checked and verified by the bank.
- You make a payment to an overseas bank account
- An existing automatic payment is made (unless you change the details)
- You make a credit, debit or EFTPOS card payment
- You make a payment to an IRD payee
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| What do I need to do?
- It's important that you update to the latest version of the SBS Bank mobile app (iOS or Android) from November 28, to ensure you are enabled for the Confirmation of Payee service and able to make payments.
- Anybody who is paying you from another New Zealand bank will also be prompted by the Confirmation of Payee service and may need to confirm with you that they have the correct account holder name and number if they only receive a ‘Partial match’ or a ‘Not a match’ notification. It is worth checking that your account holder name is correct on your accounts so that a payment that you're expecting isn’t delayed.
- This new service will also affect children who bank with us and use our online banking services. If you are a parent or guardian of a child who uses our online banking service, you may be receiving this information on their behalf (depending on their age). Please take the time to talk them through what this means for them when they are making or receiving payments.
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| How can I find out more information? The Confirmation of Payee service to New Zealand banks is being provided by GetVerified. You can find out more about the service by visiting its website, which you can locate by pasting 'GetVerified' into your browser.
We have also created a new page on our website that includes a list of frequently asked questions. and can be found by searching 'Confirmation of Payee' on our website sbsbank.co.nz.
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| Are there any other changes I need to know about? As part of the introduction of the new Confirmation of Payee service, we will be updating our Electronic Banking Terms and Conditions, effective from Thursday November 28. You can find a copy of these updated Terms and Conditions on our SBS Bank website by searching 'Terms and Conditions'. We have chosen not to include any website links in this email for your ongoing security. Please do not hesitate to get in touch if you have any questions. Kind regards The SBS Bank team |
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