In a crucial step towards reducing scams, banks will introduce a Confirmation of Payee system next month to be fully in place by Easter of next year. 

The system notifies a customer if the name and account they are transferring money into don't match up. 

Similar schemes have been successful in Australia and the United Kingdom. 

New Zealand Banking Association Chief Executive Roger Beaumont joins Francesca Rudkin with more on how it works. 

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In a crucial step towards reducing scams, banks will introduce a Confirmation of Payee system next month to be fully in place by Easter of next year.&nbsp;
The system notifies a customer if the name and account they are transferring money into don't match up.&nbsp;
Similar schemes have been successful in Australia and the United Kingdom.&nbsp;
New Zealand Banking Association Chief Executive Roger Beaumont joins Francesca Rudkin with more on how it works.&nbsp;
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

Roger Beaumont: Banks to introduce Confirmation of Payee system

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/5cfdc5a5-1b91-490e-bfd5-b205006b0ab3/transcript

Keir Starmer is set to quit as the MP for Holborn and St Pancras, and this decision is set to spark a by-election.

In a statement he said it had been a 'huge honour and privilege' to represent the constituency for 11 years but he would now turn his focus to 'international affairs'.

UK correspondent Gavin Grey says Starmer could be looking into a role at NATO, but it's unclear if he's the best fit for that post.

LISTEN ABOVE

Keir Starmer is set to quit as the MP for Holborn and St Pancras, and this decision is set to spark a by-election.
In a statement he said it had been a 'huge honour and privilege' to represent the constituency for 11 years but he would now turn his focus to 'international affairs'.
UK correspondent Gavin Grey says Starmer could be looking into a role at NATO, but it's unclear if he's the best fit for that post.
LISTEN ABOVE

Gavin Grey: UK correspondent on former Prime Minister Keir Starmer stepping down as MP

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/2063a3fe-9512-4aa9-8bb6-b4b90081eaba/transcript

An industry group for chartered accountants is putting a novel idea on the table to lower the cost of New Zealand Superannuation to the Crown, while keeping it universal.

Chartered Accountants Australia New Zealand is advocating for the next Government to allow people to delay the age at which they start receiving Super.

According to NZIER modelling, this approach could reduce the annual cost of Super to the Crown by billions of dollars every year, depending on how the system was designed.

NZ Herald Wellington business editor Jenee Tibshraeny explained further.

LISTEN ABOVE

An industry group for chartered accountants is putting a novel idea on the table to lower the cost of New Zealand Superannuation to the Crown, while keeping it universal.
Chartered Accountants Australia New Zealand is advocating for the next Government to allow people to delay the age at which they start receiving Super.
According to NZIER modelling, this approach could reduce the annual cost of Super to the Crown by billions of dollars every year, depending on how the system was designed.
NZ Herald Wellington business editor Jenee Tibshraeny explained further.
LISTEN ABOVE

Jenee Tibshraeny: NZ Herald Wellington business editor on the new idea proposed for the future of superannuation

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/3a16c4ea-1fef-45a0-a82f-b4b9007fab97/transcript

The Reserve Bank has raised the OCR by 25 basis points to 2.75 percent, in line with economists' expectations. 

Markets expected the cash rate would go up, but many had priced in a bigger increase - and there's still an expectation that the OCR could go up further down the track.

Milford Asset Management's Remy Wisenberg explained further.

LISTEN ABOVE

The Reserve Bank has raised the OCR by 25 basis points to 2.75 percent, in line with economists' expectations.&nbsp;
Markets expected the cash rate would go up, but many had priced in a bigger increase - and there's still an expectation that the OCR could go up further down the track.
Milford Asset Management's Remy Wisenberg explained further.
LISTEN ABOVE

Remy Wisenberg: Milford Asset Management expert on the market's reaction to the OCR going up by 25 basis points

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/2fec1c49-0e28-4cc1-84d3-b4b9007d9bc7/transcript

Roger Beaumont: Banks to introduce Confirmation of Payee system

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