Confirmation of Payee
Heartland, along with other New Zealand banks, has implemented Confirmation of Payee to help prevent misdirected payments and reduce the risk of fraud. This service allows you to verify that the account name matches the account number before you make a payment. If the check returns 'Not a match', it's important to verify the payee's details and identity. Proceeding with a payment could result in sending money to the wrong place, which may not be recoverable.
The Confirmation of Payee service applies to payments between New Zealand banks when using the Heartland Mobile App or internet banking. It isn't available for business-to-business transactions, phone payments or in-branch transfers.
What is Confirmation of Payee?
Confirmation of Payee is a security check that helps ensure your money goes to the right person or business. When you set up a new payment in your online banking or app, we'll check the name you've entered against the name on the recipient's bank account. This happens before you authorise the payment, giving you a chance to double-check everything.
Why is this adding value?
Let's look at a couple of scenarios to see how Confirmation of Payee works in practice:
If you're sending money to a friend, say "Sarah Smith," and you've entered her account number and "Sarah Smith" as the name, our system will check if that name matches the account details held by her bank. If it's a match, we'll let you know, and you can proceed with confidence!
Imagine you're paying your internet bill to "Heartland Bank New Zealand." You enter their account details and the name "Heartland Bank New Zealand." Confirmation of Payee will verify if that name is indeed registered to the account.
Here are some helpful tips
Avoid generic terms with new payeesWhen making a payment to someone new, always enter the name of the account owner and their bank account number. If someone is sending money to you, you’ll need to share your details too. Don’t enter terms like “Heartland Bank”, “savings”, “expenses”, or nicknames as the payee.
- For individuals, use the full first and last name (e.g. Michael Jones) the account is registered to, no middle names are needed,
- For businesses, use the full business name (e.g. Coffee Café Ltd) or the name that the business is ‘trading as’ (e.g. John’s Cafe).
If you are making a payment from one bank to another account you hold with a different bank, always enter your account holder name in the payee field (e.g. Michael Jones).
Unsure of the details?If you’re unsure of the account holders name or account number, contact them and ask for the full account holder name and number registered to the bank account.
What are the different scenarios that can happen?
Matched
This is the ideal scenario! If the name you provide exactly matches the name on the account, we'll confirm this, and you can proceed with your payment confidently.
Partial match
Sometimes, there might be a slight difference between the name you've entered and the account holder's name. This could be something minor, like "S. Smith" instead of "Sarah Smith," or a difference in how a business name is abbreviated. In these cases, we'll notify you that it's a partial match and prompt you to confirm if you still want to proceed. This gives you a chance to double-check with your friend or the business to make sure you're sending money to the correct recipient.
Not a match
If the name you've entered is significantly different from the account holder's name, we'll clearly inform you that there's no match. This is a crucial warning sign. We will strongly advise you to verify the details directly with the person or business you're trying to pay before continuing. This step is vital to prevent you from accidentally sending money to the wrong account.
How does it work?
Confirmation of Payee offers significant benefits to our customers right here in Aotearoa:
It provides an extra layer of security against common payment scams, like those where fraudsters try to trick you into sending money to an incorrect account by pretending to be someone you trust.
We all make mistakes sometimes! This service helps reduce the chance of accidentally sending money to the wrong account due to a simple typo in the account number.
Knowing that the name you've entered is being checked against the recipient's bank account can give you greater confidence and peace of mind every time you make a payment. You can be more certain your hard-earned money is going exactly where it's intended.
In the rare event of a payment error, Confirmation of Payee helps prevent the issue in the first place, saving you the time and stress of trying to recover funds sent to an incorrect account.
We're committed to making your banking experience as safe and straightforward as possible. Confirmation of Payee is just one of the ways we're working to protect you and your money.
Please visit GetVerified to find out more about the Confirmation of Payee service and how it works.