How does verification of payee work?
- You enter the beneficiary's name and IBAN when initiating the transfer.
- Your bank sends a verification request to the beneficiary's bank.
- The beneficiary's bank checks the request and transmits the complete data via a technical provider.
- The technical provider processes the data and returns the matching result to your bank.
- You immediately receive the verification result (Match, Not an exact Match, Not Match, or Verification not possible) on your screen and choose whether or not to execute the transfer.
