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Beneficiary IBAN Name Check

Your solution for secure transactions and implementation of the upcoming instant payment regulation.

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Do you want to fight against upcoming fraud and comply with the regulatory obligation?

Stay ahead of the curve and ensure compliance with the upcoming Instant Payment & Payment Services Regulation with our cutting-edge Worldline Beneficiary IBAN Name Check which verifies if the beneficiary's name matches the account holder name of the provided IBAN.

woman using iban name check fraud control

This new service combating Fraud.

Fraudsters are constantly evolving, and the threat of APP (Authorised push payment) fraud is growing. In this fraud pattern a fraudster tricks victims into making substantial transfers to accounts under their control. To safeguard your finances and improve customer satisfaction, the new regulations require payment service providers to enable payers to verify the beneficiary’s IBAN and name before executing the payment.

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The Power of Verification.

Our solution is built upon providing you access to a large network of beneficiary banks and verifying the match of the beneficiary account holder’s name with the provided name through advanced syntactical and phonetical checks. We also support multiple account holders and corporate names. The results can be a clear confirmation (a match), a recommended correction (a close match), or a warning (no match). This enables the payer to review the data provided and make a final decision for the payment.

End-Customer Experience

The IBAN Name Check will be integrated into the payment application of the respective payment service provider. The following image shows an example of its use within a banking app to initiate a credit transfer. It shows the three different types of IBAN Name check results (match, close match and no match).

 

 

 

 

This is an example how the service can be used by the payers bank to inform the payer about the results.

User Experience of IBAN Name Check

Benefits from the IBAN Name Check

Payer

  • Reduced Fraud Risk
  • Fewer Errors with Incorrect IBANs
  • Elimination of Lost Funds
  • No Claims with the Payment Processor
  • High Privacy and Security Standards
  • Instant Verification with Direct Feedback

Payer’s PSP/Bank

  • Fulfilling Regulatory Obligations
  • Reducing Fraud and Misdirected Payments
  • Lowering Post-processing Costs
  • Enhancing Customer Satisfaction

Further resources

Learn more about IBAN Name Check.

Get in touch with our specialists to schedule a meeting.

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Why choose Worldline?

Improved time-to-market

Accelerate innovation and shorten your time-to-market to meet and exceed customer expectations. 

Guaranteed compliance and security

As the leading European provider of payment and transactional services, trust is critical. We ensure compliance with all applicable laws, industry standards, rules and regulations.

Fraud and risk control

Improve the accuracy in identifying and preventing financial crime with the support of artificial intelligence and machine learning.  

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