37765 (2024). Arena Williams to the Minister of Commerce and Consumer Affairs

37765 (2024). Arena Williams to the Minister of Commerce and Consumer Affairs: When the Minister wrote to banks in February 2024 did he recommend a timeline, if any, on the introduction of a confirmation of payee system, and if so, what was the timeline?

Hon Andrew Bayly: In my open letter to the banking sector on 29 February this year, I set out my expectation that the banking sector prioritize introducing a confirmation of payee system, and expects roll-out to commence at the end of the year. The New Zealand Banking Association announced on April 30 that they are on track to start rolling out a confirmation of payee service by the end of this year. I am actively monitoring developments.