How does verification of payee work?

1. You enter the beneficiary's name and IBAN when initiating the transfer.
2. Your bank sends a verification request to the beneficiary's bank.
3. The beneficiary's bank checks the request and transmits the complete data via a technical provider.
4. The technical provider processes the data and returns the matching result to your bank.
5. 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.