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Confirmation of Payee
Our new service for sterling Faster Payments offers you more confidence that your payments are being sent to the intended recipient, helping to avoid making accidental, misdirected payments to the wrong accountholder, as well as providing another layer of protection against fraud and scams.
This new service offers you more confidence your payments are being sent to the intended recipient, helping to avoid accidental, misdirected payments to the wrong accountholder, as well as providing another layer of protection against fraud and scams.
The changes are being made in two phases:
Phase one – incoming payments
When someone is setting up to make payments into your Nedbank Private Wealth bank account for the first time, they’ll be asked to provide some details about who they are paying. Their bank will immediately check with us that the details match against the details we hold for your account. The response they get means they can make an informed decision about whether or not to continue. This will help to ensure the money arrives into your account safely.
It is important to provide the right information to the person sending money to your account – this is relevant for personal and joint accountholders. You need to give your full first name and last name to the person or business paying you. This could differ from how your name appears on your bank or Visa card, which might just show your initials.
Phase two – outgoing payments
When you set up a new payee in the mobile app or desktop version of Online Wealth Services, the payee’s account name you enter will be checked against the details held at the recipient’s bank. You will be notified on screen if the details you have entered are a ‘match’, a ‘partial match’ or ‘no match’.
|You’ll receive confirmation that the details match.
|This means the name on the account doesn’t exactly match the details you have entered and you’ll be provided with the name of the account you have closely matched with.
|It is not a match and you’ll need to contact the person or business you are trying to pay to confirm the correct details.
|There may be occasions when a Confirmation of Payee check is not available.
From this result, you can then decide whether to go ahead with the payment, or double check any of the details entered before you proceed.
The system will perform these checks in real time and will not cause any delay in payments being sent or received but will add an extra layer of protection so you can be confident that the payment you are making is sent to the correct person.
The exact timing of the introduction of this service will be confirmed in due course.
Frequently Asked Questions
For outgoing payments, if the Confirmation of Payee doesn’t find a match, can I continue with the payment?
Where the result is a Partial Match or a No Match, you can continue with the payment. But you should be aware that there may be an error in the details you have entered, which may mean that the payee will not receive the funds you are sending.
Can I opt out of this service?
You cannot opt out of Confirmation of Payee when you’re making a payment to someone else. If you have a personal account, you can request to opt out of having your details checked when other people try to pay you. We would strongly recommend you do not opt out, as Confirmation of Payee is a valuable anti-fraud measure.
Business customers may not opt out of the service.
Risks of opting out:
Confirmation of Payee is being introduced to improve payments between UK banks, and to reduce instances of fraud and payments going to the wrong account. To be effective, it’s essential that everyone can receive a Confirmation of Payee response when they make a payment.
By opting out of the service, it means your Nedbank Private Wealth account will not be checked when another person or business tries to make a payment to it. Individuals or businesses making payments to your account will get a message that your details can’t be checked. This could result in delays in payments getting to you, as those setting up new payments may be reluctant to proceed without confirmation of details.
If you still want to opt out of the Confirmation of Payee service, a form will be published online once we have the exact timings for the introduction of this service.
Does Confirmation of Payee apply to Visa card payments?
No, the service doesn’t apply to card payments, only interbank transfers.
Is this service available for payments in currencies other than sterling?
At this stage, it’s only for sterling payments between UK banks.
Nedbank Private Wealth seeks to ensure we have the appropriate physical and technological security measures in place to protect your information, regardless of where it is held. These include, but are not limited to, enterprise firewalls, endpoint protection, two factor authentication, a 24/7 cyber monitoring service, annual cyber training for staff, strict access controls and a penetration testing programme.
For more information on how you can protect yourself against fraud, please click here.
Any information about cyber security may reference Nedbank Private Wealth’s products and services and should not be taken as advice or a recommendation. We may include details of products and services that Nedbank Private Wealth does not offer in your country of residence or that are suitable based on your personal circumstances. You should seek individual advice from a professional adviser before making any financial decision.
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