ASB, Westpac and BNZ in New Zealand are preparing to trial technology to prevent payment mishaps and fraud, reports The NZ Herald. Payments New Zealand CEO Steve Wiggins said the organisation was building a framework that banks could use to verify accounts and names before transfers are made. Once built, it will be trialled by the three banks as well as by Paymark, Datacom and the massively popular local online auction site TradeMe (associated with many online payments and many miss-typed account numbers). Wiggins said the system would work by sending a message asking for verification of the account name and number. He hopes the trial will be finished by the end of the year, with roll-out planned for early next year. The consultation details for phase two of the review of the Reserve Bank Act have been released by Treasury NZ. A consultation paper will be released in November and consultation will run from November until January 2019. The terms of reference include whether the Reserve Bank should retain or lose its prudential supervision role, the case for and against depositor protection (including the option of deposit insurance) and "reconsidering the regulatory perimeter of bank regulation". The average fintech CEO is raking in over US$850,000 in salary, bonuses and retirement contributions, reports Finextra. Moorlands Human Capital surveyed 137 CEOs across Europe, North America and Asia-Pacific and found the average salary was $353,000, rising to $857,000 when bonuses and other compensation are added. Chief technology officers are getting an average base salary of $215,000 and average total compensation of $521,000.