New research found that 37 percent of South Asian respondents use traditional banks for remittances. Photo: RNZ / 123rf
All retail banks expect to offer a confirmation of payee service to customers by Easter.
The Banking Association said the service will be rolled out from the end of November, but would take time before it was fully implemented.
"Due to the size and complexity of payments services the banks offer means some banks were adopting a phased approach to ensure thorough user testing and customer understanding," association chief executive Roger Beaumont said.
"For customers, this means confirmation of payee might not be available across all online banking platforms simultaneously," Beaumont said.
"They might find that a confirmation of payee check is available from some banks and not others, alternatively it might be available on your desktop banking platform but not your mobile app, or vice versa."
Confirmation of payee was expected to give customers an extra level of reassurance when making domestic payments from one bank account to another.
The service would let them to check the account name matched the account number before a payment was made.
Beaumont said the service would not fully protect customers from scams, and criminals would continue to look for ways to trick people into making payments. Banks were reminding customers to remain vigilant
Participating retail banks are ANZ, ASB, Bank of China, BNZ, CCB, The Co-operative Bank, Heartland Bank, ICBC, Kiwibank, Rabobank, SBS Bank, TSB and Westpac.
