Match, close match or no match?
At a glance, you can see whether the entered IBAN and Name match. If the IBAN and Name entered do not match, the user can cancel the payment to check the details.
Business or private account?
The IBAN-Name Check shows whether your new customer is registered with a business or private account, so you can avoid delivering services designed for private individuals to an organisation with a business account or vice versa.
Is there a co-signer?
With some financial products, it is important to know which and how many people have access to the linked current account. The check will indicate how many account holders there are for this IBAN. If you know there are other signatories, you can request information about the other account holders.
Expired IBAN
The IBAN-Name Check reports 9.500 times per day that people want to transfer money to an expired account. It is likely that your customer or supplier databases also contain a number of expired accounts. Check your database and identify any database obsolescence with our API.
Company ID Check
The Company ID check will allow companies to send a companyID known at the chamber of commerce in combination with IBAN and name.
The company ID checks the number send in the request against the value known at the bank. With this information organisations know if the registered company and bank account are the same - as part of their AML and KYS/KYC requirements.
VAT Check
While doing an IBAN Name Check, also check whether the VAT number provided matches the company or trade name.
This is how you check the validity of all basic/stem data of your creditor that is (mandatory) on an invoice from now on.
Switch Check
A service that is provided by the banks due to regulation to make it easy for a consumer to switch from a bank. When a customer has moved to a new bank the company needs to ask the customer to update their payment details.
This can easily be done by the Switch Check; if the IBAN-Name Check matching result is a “Match” or “Close Match” and the switching service is “active”, the new correct IBAN of the user will be provided. Companies can automatically update the correct payment details and skip multiple steps in the process.
Account Age Check
Money mules and fraudsters use in general new opened bank accounts which means recent opened accounts have an higher risk of being used in a fraudulent transaction. The Account Age Check shows the age of an account since the date of opening. This is how you know whether you are dealing with a recently opened account or not.
Companies can do additional checks to make sure no fraud will be conducted.
Cross Border Check
The IBAN-Name Check on international accounts. This enables organisations to check that the account information entered matches the intended beneficiary when initiating cross-border payments.
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.