Verification of Payee
This service allows the Payer to verify whether the name of the beneficiary matches the name associated with the beneficiary’s payment account, before executing the payment to avoid errors and fraud.
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Verification of PayeeVerifies the accuracy of the beneficiary details before funds are transferred
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Applies to Instant Payments and SEPA Transfers
Verification of Payee is valid for instant payments 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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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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Match - The name provided matches the name of the beneficiary for this account number (IBAN).
Close match - The name provided is very similar but not exactly the same as the name of the beneficiary for this account number (IBAN). The correct beneficiary’s name will be displayed.
No Match – Warning! The beneficiary’s name provided does not match the name registered for this account number (IBAN)! If you proceed with the payment, the amount might be sent to the wrong beneficiary. We strongly recommend to verify again the beneficiary’s details to avoid errors and/or possible fraud.
Verification Not Possible (user can retry) - The verification between the beneficiary’s name provided and the account number (IBAN) was not possible at this moment. If you want to proceed, we recommend to confirm again the beneficiary’s details to avoid errors and/or possible fraud.