Name and IBAN line up
It is safe to proceed with the payment exactly as entered.
Payments & Money Movement
Verification of Payee
Before a SEPA transfer completes, the name on the payment is checked against the name on the account. A mismatch is flagged in plain language, before the money leaves, not after.
Recipient checkSEPA
Name enteredDIANNE RADISON
Name on fileDIANNE RADISON
IBANGB03SEOU1987…
Match
Four possible outcomes
Every check resolves to one clear result
Following the EPC’s own rulebook, a check always lands on one of four outcomes, each with its own guidance for the payer.
Name is nearly right
A corrected version is provided. The payer sees it and can continue or amend the details first.
Name does not match
A clear warning suggests checking with the beneficiary before continuing. The payer still decides.
Check could not run
A technical issue got in the way. The payer can try again or continue without it.
Outside of a full Match, the payer always sees a plain explanation and still makes the call. The check informs the decision. It never replaces it.
Regulatory basis
Built for a regulation that is already here
Verification of Payee follows the European Payments Council’s own rulebook, in line with the EU’s Instant Payments Regulation.
EU Instant Payments Regulation
How a check is configured
ScopePer tenant, per transfer type
SEPA providersClearBank / BVNK / OpenPayd
Depends on IBAN checkerNo
Blocks the paymentNever
One mechanism, two names
Verification of Payee is Confirmation of Payee
Two payment schemes, two regulatory names, one underlying check.
SEPA
Verification of Payee
The name used across the euro area, under the EPC’s own rulebook, for SEPA and SEPA Instant transfers.
=
UK Faster Payments
Confirmation of Payee
The same underlying check, applied to UK Faster Payments under the name the UK payments industry already uses.
Recipient details
Dianne Radison
IBANGB04BLFN…4832
BIC/SWIFTBOFIE2DXXX
Bank countryAustria
Payment methodSEPA
Recipient personal information
TypePersonal
CountryUnited Kingdom
While filling in a recipient
A checkmark right where it matters
The moment a name and IBAN are confirmed to match, the recipient form shows it directly, not buried in a summary later.
- Runs automaticallyThe moment the required fields are filled in.
- Works for both recipient typesPersonal and company recipients, the same way.
- Carries through to confirmationThe same checkmarks appear again before sending.
When something does not match
A clear warning, not a dead end
If a name does not match, the payer sees exactly why, and exactly what to check, before deciding what happens next.
- Plain languageExplaining what did not match and why it matters.
- A suggestion to verifyContact the beneficiary directly to confirm details.
- Two ways forwardContinue with the payment, or review the details again.
Before you continue
The name provided is not the same as the name of the beneficiary. We suggest contacting the beneficiary to check the correct name and IBAN before sending this payment.
Continue
Review
Related FinHost modules
Part of the same SEPA and payments experience
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Catch a mismatched payment before it is sent
Built for the EU Instant Payments Regulation, ready for SEPA and UK Faster Payments today.
ResultMatch
Name checkedDianne Radison
ProviderClearBank
Frequently Asked Questions
Does Verification of Payee block a payment if the name does not match?
No. A No Match result is a warning, not a block. The payer sees a clear warning and can still choose to continue, cancel, or check the details with the beneficiary first.
How is this different from the IBAN checker?
The IBAN checker confirms an IBAN is correctly formatted and exists. Verification of Payee confirms the name on that account matches who the payer thinks they are paying. The two run independently, and one failing does not block the other.
Does this apply to every transfer type?
Today it applies to SEPA and SEPA Instant transfers, and to UK Faster Payments under the name Confirmation of Payee. It is not yet part of the other local and international corridors.
What happens if the check cannot be completed?
The payer sees a message explaining the check could not be completed for technical reasons, with the option to try again or continue anyway.
Can this be turned on or off per account?
It is configured per tenant and per transfer type, not per individual account. If it is not configured for a given transfer type, the check simply does not run for that type.