22 Nov 2023

Akahu launches 'confirmation of payee' service

From Nine To Noon, 9:40 am on 22 November 2023

Over the course of the year, Nine to Noon has dipped in and out of stories about people being scammed out of their money through online fraud, exploring criticism that banks could and should be doing more to help protect customers.

One suggestion was a confirmation of payee service, where account names are verified against bank records, providing greater assurance the payment is going to the right place.

Now, open finance infrastructure provider Akahu has launched New Zealand's first "confirmation of payee" service through payments platform Dolla.

Kathryn is joined by Akahu co-founder and COO Josh Daniell, to talk though how it works and how much of a dent it could make to the so-called 'scamdemic'.

How Akahu's service might look on a phone. Right, Josh Daniell.

Photo: Supplied