Important Update: New Confirmation of Payee (CoP) System Implemented by New Zealand Banks
To enhance payment security and reduce fraud, New Zealand banks have introduced a new system called Confirmation of Payee (CoP). This system verifies that the account name and number entered during a payment match, helping to prevent funds from being sent to incorrect or fraudulent accounts.
How CoP Affects Payments to Otago Girls' High School
Our official account names are OTAGO GIRLS HIGH SCHOOL BOARD.
Existing Payees: If you have previously set up our account as a payee and have made payments to us before, your existing setup should remain unaffected.
New Payees: If you are setting up our account as a new payee, it is crucial to enter our full account name exactly as stated above. This ensures that the CoP system recognises the match and allows the payment to proceed without issues.
Benefits of CoP:
The introduction of CoP adds an extra layer of security to online payments, giving you greater confidence that your funds are reaching the intended recipient. This system is part of a broader effort by New Zealand banks to combat fraud and protect customers.
Need Assistance?
If you encounter any issues or have questions about setting up our account as a payee, please contact our school's office for guidance.