Verification of Payee
Ensures that the beneficiary customer's name matches the account number before executing the payment to avoid errors and fraud.
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Verification of PayeeVerifies the accuracy of the beneficiary’s name against the account number
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Applies to Instant Payments and SEPA Transfers
Verification of Payee is valid for instant money transfers and SEPA transfers
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Fraud Prevention
Protects against and reduces the risk of erroneous or fraudulent electronic transfers
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Trust Enhancement
Helps strengthen trust between sender and recipient
More Information
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It is the process of confirming the beneficiary’s name against the account number before executing a payment.
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Its goal is to prevent fraud and protect against erroneous or fraudulent money transfers.
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Verification of Payee applies only to instant money transfers and SEPA transfers.
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There is no additional cost for the customer.
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When entering payment details, the beneficiary’s name is compared with the account number, and a notification is provided indicating whether the match was successful.
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- Full match – The name fully matches the account
- Close match – The name partially matches the account; the correct beneficiary name will be displayed
- No match – The name does not match the account
- Verification not possible – Unable to verify the name against the account