NBZA taps obconnect to deliver Confirmation of Payee ecosystem

By Gloria Mathias

PayPoint has announced that obconnect, the Open Banking technology provider, has secured the contract to deliver the Confirmation of Payee ecosystem in New Zealand, partnering with the New Zealand Banking Association (NZBA).

This follows the announcement on 1 August 2024 confirming that PayPoint is making a further strategic investment in obconnect. This will enable the Group to leverage its Open Banking technology platform further and unlock greater opportunities within both businesses.

The contract will initially see obconnect providing Confirmation of Payee services to central banks in New Zealand from November 2024, including ANZ, ASB, Bank of China, BNZ, CCB, The Co-operative Bank, Heartland Bank, ICBC, Kiwibank, Rabobank, SBS Bank, TSB, and Westpac.

Confirmation of Payee provides bank customers with an extra level of reassurance when making domestic payments from one bank account to another. It allows them to check that the account name matches the account number before the payment is made.

Nick Wiles, PayPoint’s Chief Executive, said, “We are delighted that obconnect has won the contract to deliver the Confirmation of Payee ecosystem in New Zealand, coming soon after our strategic investment was announced. Confirmation of Payee and Open Banking is important to the future of the PayPoint business, and our investment in obconnect  will enable the Group to strengthen its position further in this fast-growing sector.”

The PayPoint Group serves a diverse range of organisations, from SME and convenience retailer partners to local authorities, government, multinational service providers, and eCommerce brands.