New Zealand Confirmation of Payee (CoP) – Delivered by Raidiam and obconnect

The Challenge: Building Trust, Speed, and Scale into a National CoP Scheme

In early 2023, New Zealand’s Minister for Commerce and Consumer Affairs, Andrew Bayly, issued a directive to strengthen consumer protection and restore confidence in the banking system.

A key measure? The introduction of a nationwide Confirmation of Payee (CoP) service – a solution proven in the UK and Australia to reduce fraud and prevent misdirected payments. But New Zealand’s approach needed to go further.

The New Zealand Bankers Association (NZBA) set out an ambitious goal: deliver a CoP solution that was rapid, low-impact, cost-effective, and future-ready for broader anti-fraud and data-sharing services – and that could serve virtually every account in the country.

Key Requirements:

• Speed to Market — Deliver the national CoP system within an aggressive timeline, with minimal disruption to bank operations.
• Security & Trust — Enable real-time name checking while ensuring sensitive data stays within each bank’s control.
• Cost Efficiency — Avoid the complexity and multi-million-dollar spend seen in other markets.
• Ecosystem Extensibility — Build a scalable infrastructure that could support future products and regulatory mandates.

The Solution: Raidiam’s Trust Framework & Conformance Services 

To meet the challenge, NZBA selected Confirmation of Payee specialist, obconnect, partnered with digital trust infrastructure experts, Raidiam, to co-deliver a centralised, standards-based Confirmation of Payee system — one that would enable fast implementation, reduce internal burden on banks, and support future innovation.

Core Components of the Solution:

Centralised Ecosystem Infrastructure

• Raidiam Connect, our Trust Platform, provided the secure, interoperable foundation for all participants to connect through a single, standardised infrastructure.
• Banks only needed to integrate with two APIs and make minor changes to digital journeys – dramatically reducing time and complexity.
• Sensitive data stayed within each institution; only cryptographically secure verification signals were exchanged.

Rapid Proof of Concept

• A fully functional CoP environment was built in just six weeks, including a trust framework, onboarding portal, and full API suite.
• This live demonstration proved that the model was not just feasible – it was scalable, efficient, and secure.

Collaborative Governance via GetVerified

• GetVerified, a newly established, bank-owned entity, was tasked with overseeing the rollout and managing the ecosystem long-term.
• As a rules and standards body, GetVerified ensured sector-wide alignment, transparency, and future agility.

Security by Design

• The solution used mutual TLS, robust identity management, and internationally recognised API security standards.
• Real-time CoP checks returned match, partial match, or no match results, prompting customers to verify payee details and helping prevent fraud and errors.

The Outcome: National CoP Delivered in Record Time 

The partnership between Raidiam and obconnect demonstrated that a centralised CoP model – supported by a robust trust framework – can be delivered faster, more securely, and more cost-effectively than traditional approaches.

Key Achievements 

Fastest CoP Rollout on Record:

• Initial launch: 10 banks
• Current coverage: 13 banks and over 95% of consumer bank accounts
• Total delivery time: Just six months and 12 days

Reduced Costs, Streamlined Onboarding:

• Banks avoided the high internal spend and complex custom builds seen in other jurisdictions.
• The centralised infrastructure and shared standards meant onboarding was consistent, quick, and low-friction.

Robust Consumer Protection:

• CoP checks are now integrated across the banking sector, helping prevent misdirected payments and reducing fraud risk – with all customer data remaining under each bank’s control.

Designed for What Comes Next:

• The architecture is API-first and extensible by design – ready to support new services such as scam prevention, digital identity verification, or broader open data use cases.

Strategic Impact: A Blueprint for the Future of Regulated Data Sharing

New Zealand’s Confirmation of Payee implementation is now a global benchmark – not just for fraud prevention, but for how to deliver secure, scalable, and extensible digital ecosystems.

By centralising trust and infrastructure – while keeping data decentralised – Raidiam and obconnect helped deliver a national scheme that:

• Minimises effort for banks
• Enables safe, interoperable data exchange
• Accelerates time to value for consumers and institutions
• Lays the foundation for future innovation in financial services

With GetVerified in place as a trusted governance body and a proven model ready to expand, New Zealand has established itself as a leader in practical, scalable digital trust infrastructure.