NZ Herald
Banks to add further protection against scams and fraud with Confirmation of Payee
19/05/2024
Together with the New Zealand Banking Association, New Zealand’s retail banks are working towards a new Confirmation of Payee system, which is one way they aim to reduce the number of payments made to fraudulent bank accounts and help people avoid making payments to the wrong account.
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Farmers Weekly
Federated Farmers guns for rural banking in submission
15/05/2024
In its own submission, the NZ Bankers Association, representing the major banks, said the increase in capital requirements were “a significant factor” in interest rates being higher on average for farm loans than for residential mortgages.
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NZ Herald
Banks select provider for confirmation-of-payee, a key anti-scam measure; Consumer says efforts ‘too slow, too light’
30/04/2024
“Rolling out confirmation-of-payee is not as simple as flicking a switch. Broadly speaking there are two main phases involved. First, we need to build a solution and ensure it works technically with our current payments system and complies with banks’ privacy and confidentiality obligations. Once we have that, banks then individually need to implement changes...
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NBR
Plans for ‘confirmation of payee’ scam-busting tool announced
29/04/2024
The New Zealand banking sector says it now has a preferred provider for setting up confirmation of payee, a key part of its response to the burgeoning problem of scams.
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Business Desk
‘Confirmation of payee’ anti-scam measure inches closer
29/04/2024
Beaumont said there was also a role for telecommunications companies, social media websites and search engines in helping combat scams. “To take the centre to the next level, we’ve asked the government for operational support by involving the police and other relevant agencies.”
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Newstalk ZB
NZBA to roll out ‘confirmation of payee’ service for online banking
29/04/2024
“This is something that takes time, it has been progressed since we announced that in September – and we’re moving at that pace.”
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NZ Adviser
CCCFA reforms: Mortgage and banking associations supportive
28/04/2024
The New Zealand Banking Association (NZBA) also welcomed the changes, with chief executive Roger Beaumont highlight that the changes would allow banks to exercise flexibility and discretion to better meet customers’ needs, especially in emergency situations.
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Newstalk ZB
Activity in the housing market is holding its own against the rising cost of borrowing
25/04/2024
New Zealand Banking Association’s revealed almost 30 percent more home loans were taken out from June to December 2023, than the previous six months.
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Interest.co.nz
Commerce and Consumer Affairs Minister Andrew Bayly details easier access to loans and changes to financial dispute resolution services
21/04/2024
“We welcome the removal of overly prescriptive affordability assessment requirements because it should help fix the one-size-fits-all approach that treated all types of lending and borrowers the same. The change still means that consumers are protected, and lenders need to be responsible,” NZBA Chief Executive Roger Beaumont says.
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RNZ
Financial mentoring services sound warning over wind-back of lending regulations
21/04/2024
“What it means is it’ll go back to the way it was prior to these regulations, when banks could exercise discretion in determining whether a customer was suitable for a loan or not,” said chief executive Roger Beaumont.
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