- 30/6/2025

Verification of payee name check

3 min

What is the ‘verification of payee’ and how does it work?

The ‘verification of payee’ is a new requirement under a European regulation aimed at ensuring the reliability and security of financial transactions. Also known as the IBAN name check, the process is fully automatic and free of charge.

When you make a transfer, we check with the beneficiary’s bank whether the name you entered matches the official account name. If there is no match or only a partial one, you will receive a message. You can then decide whether or not to proceed with the payment.

Different messages depending on the verification result

The check can produce four possible outcomes:

• The name you entered matches the name registered with the payee’s bank.
• The entered name is not an exact match with the registered name at the bank.
• The entered name does not match the registered name at the bank.
• Verification not possible.

Depending on the verification result, you will see one of the following messages:

• If there is a match, a green check mark will appear without any message.
  
  
  
• If the name is not an exact match, an orange warning triangle will appear along with the message: “The entered name is very similar to the beneficiary’s name. Did you mean ?” This could be due to a small difference or a typing error, such as “Dumon” instead of “Dumont.”
  
  
  
• If the name does not match, an orange warning triangle will also appear with the message: “The entered name does not match the beneficiary’s name.” If the beneficiary is a known business, the bank may suggest a possible name. In the case of a private individual, it will not do so to protect their privacy.
  
  
  
  
• If verification is not possible due to a technical issue or because the beneficiary’s bank did not respond (or responded too late), you will see the message: “We are unable to verify the beneficiary’s name.”
  
  

What should you do after receiving a verification message?

The verification is both a warning and a helpful tool. Since the check takes place before you approve the transaction, you still have the option to confirm or cancel the payment based on the result. If you choose to continue, it is up to you whether to first correct the beneficiary’s name.

However, if the details do not (fully) match, we strongly recommend always checking whether the name and account number of the payee are correct. For example, when you receive an invoice by email? If in doubt, contact the company using a previously known phone number or their official website. Do not use the contact details provided on the invoice. If you made a mistake and proceed with the payment without correcting the name, the money may end up in the wrong account.

Benefits of the verification

Verification of the payee’s name:

• gives you more certainty and peace of mind that your money is destined for the correct payee
• saves time, as the automatic check helps transfers go through more quickly
• reduces payment errors, helping to avoid complications and financial losses
• helps to combat certain types of fraud, such as invoice fraud, and improves security.

It may take some getting used to the notifications for incorrect names, but if you follow the tips provided, most mismatches should be limited to genuine fraud cases.

A call to businesses

We urge businesses and beneficiary legal entities to ensure that their names are listed correctly on invoices, with their bank and in the Crossroads Bank for Enterprises (KBO). It is important to include legal names, trade names and/or abbreviations on the invoice and to register them with the KBO, to help avoid error messages when making transfers.

Timing

At BNP Paribas Fortis, the ‘verification of payee’ check will launch in Easy Banking App from 30 June 2025. From October onwards, we will gradually roll out the feature to other channels, including Easy Banking Web and Easy Banking Business. The official launch date for all banks in the eurozone is set for 9 October 2025, and by 2027, all countries in the Single Euro Payments Area (SEPA) are expected to have integrated the new verification process.