Prevents fraud and mistakes with online credit transfers
The IBAN-Name Check verifies if the name entered in online banking matches with one of the names registered in the SurePay database. The check gives a notification if something deviates. This way you can check whether you are paying the right person or company. By doing so, it helps to prevent money getting lost due to fake invoices or misdirected payments.
Advantages of the IBAN-Name Check
- Helps to prevent fraud
- Helps to prevent misdirected transfers
- Ready-to-use, proven technology
Truly Customer-Oriented Service
SurePay’s algorithm combines cutting-edge data science techniques with profound knowledge of payments to help prevent fraud and mistakes and at the same time offers an excellent customer experience.
Our algorithm is trained to detect and interpret subtle differences between beneficiary details entered by the user and those officially registered at the bank. The service aims to significantly reduce the number of payments made in error, prevent fraudulent transfers and provide users with peace of mind when making a credit transfer online. Most importantly, the algorithm will not interfere with payments that are made in a correct manner, entered details are verified instantly, leaving the user experience unaffected.
Safety is Paramount
The IBAN-Name Check verifies if the name entered in online banking matches with one of the names registered in the SurePay database. Names and account numbers are personal data that should be protected appropriately. SurePay has taken adequate measures to guarantee data protection.
Complies with the Rabobank Software Security Baseline and OWASP ASVS. Developed following the Security by Design principle, including threat analysis and penetration testing.
The algorithm that is being used operates in a protected sandbox in order to prevent any impact from other processes on its performance.
Access to the API is protected by two-way TLS and IP-whitelisting. Every connected bank has its own API key.
Data is being stored encrypted and transport is secured with TLS. Only the algorithm can access the data. The data is stored within the European Union.
About the implementation in your online environment
The IBAN-Name Check consists of an intelligent and robust algorithm that can be easily integrated into your bank’s online environment through an API. Your bank sends a request containing the name and account number the user of online banking has entered. The algorithm verifies these details against the data registered in the SurePay database and your bank will receive the matching results in the response. In case of a non-match, your banking application can show a warning message to the end user, upon which he can abort the payment, protecting him against mistakes and possible fraud.
In order to ensure high quality of matching, it is necessary that the algorithm has access to the data registered at the bank of the payee. An important part of the implementation is to align on how SurePay can get access to the customer details of your bank and to other reliable data sources.
Frequently asked questions
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:
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.
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.