IBAN-Name Check for Banks
What is required for implementation?
On the bank’s side, there are two important things to consider.
First of all, the API that allows for Account Name Verification has to be integrated into your online banking environment.
Secondly, data provisioning has to be taken care of. This concerns the provisioning of customer data by your bank to SurePay so that SurePay’s algorithm can match the payment data to your bank’s customer data. Further information on required implementation efforts can be found in the sample Implementation Plan
What is the IBAN-Name Check or Confirmation of Payee exactly?
When making a transfer online, the IBAN-Name Check and the SurePay Confirmation of Payee verify entered account details of the beneficiary prior to the actual transfer. The verification is based on the unique combination of the account holder’s name information beloning to a specific account number. The payer’s bank sends the entered account name and number to SurePay, which in turn verifies the details against the available data in order to provides a response. Should entered details be incorrect (i.e. the beneficiary name does not match with the names known at the bank for this account number), then the payment initiator will get a notification. The payer might be at risk of payment fraud or possibly has made a mistake.
The IBAN-Name Check is tailored for the Dutch market and the SurePay Confirmation of Payee adheres to UK market requirements, rules and regulations.
Which notifications can I get?
Should entered account details match the information known at the bank for the relevant account number, generally no notifications are prompted. When this is not the case, you can distinguish three main types of notifications:
Warning
When the entered name does not match with the account information known at the relevant bank by any means – for instance ‘D. Williams’ instead of ‘K. James’ – a warning notification is prompted. Please be aware that you might be subject to a scam, fraud or may have made a mistake. The notification will tell you that the account holder is registered under a different name at the relevant bank. Consider alternative measures or get in touch with the beneficiary before proceeding to transfer any funds.
Name Suggestion
In case of minor errors, such as a typo, you will be prompted with a suggested name as registered at the relevant bank. For instance, ‘Williams’ instead of ‘Wiliams’. Please check whether the suggested name belongs to the person/company you are intending to transfer funds to.
Service Not Available
SurePay verifies account numbers and their information across its base. In case SurePay is not able to verify account details against an account number, you will be notified as well. This can, for instance, occur for foreign bank accounts numbers for which SurePay may have insufficient information available.
Confirmation of Payee (UK)
What are project lead times?
Please request a sample implementation plan to learn more about the process and timelines for implementing SurePay Confirmation of Payee or the IBAN-Name Check.
How does SurePay Confirmation of Payee integrate with PSP systems?
All of SurePay’s Confirmation of Payee solutions are API-based and can be easily integrated with existing PSP infrastructure. The solution is a Software-as-a-Service solution and therefore does not require the deployment or installation of any physical devices in PSP datacentres.
Integrating the SurePay CoP solution is relatively simple due to its API-based nature. Depending on your wishes, you may prefer to include some of SurePay’s data management options specifically designed for Confirmation of Payee.
How does SurePay Confirmation of Payee support in Data Management?
Throughout our experience as the leading Confirmation of Payee Solution provider in the Netherlands, it’s become apparent that having a name matching algorithm in place alone does not sufficiently support PSPs seeking to deliver Confirmation of Payee. Another key component is managing PSP data and having the right data available for matching purposes.
SurePay’s data management solutions do provide a variety of ways through which PSP may provision their data to the name matching functionality, whilst taking into account both the needs of Large Scale PSPs and smaller scale PSPs. Please request a brochure here for more information on the data management options SurePay has available for you.
IBAN-Name Check for Organisations
Which account numbers can be checked?
The IBAN-Name Check can handle all Dutch bank accounts (IBAN). SurePay can check all IBAN-Name-combinations in your customer- and supplier databases as long as the IBANs are Dutch and start with NL. Your database can contain checking- and savings accounts. Personal and business accounts. Issued by Rabobank or any other Dutch bank. At present, the coverage of foreign account numbers is insufficient to support checks of foreign IBANs.
SurePay Confirmation of Payee checks all UK bank accounts.
How does SurePay protect my data?
The IBAN-Name File Check requires you to submit your data files to SurePay in order for us to run the check and provide you with the results.
We have chosen to use mSafe for the exchange and storage of your sensitive data files. A secure and personal work space is created that can only be accessed by one person of SurePay and one person within your organization. Files are encrypted during transport and storage. User acces is secured with two factor authentication. For further security measurements and file specifications, please click here.
How long will it take to process my files?
This depends on the agreement we have reached and is based on frequency and volume. SurePay guarantees to process your files in five working days. In case of emergency or good preparations however it is possible to process your file in a few hours so that you’ll have the results the same day.