Switch Check
IBAN-Name Check Add-on
Automatically see whether a contact person or company has switched to another bank.
How does it work?
When a customer has switched to a new bank, the organisation must ask the customer to update their payment details. This is done automatically with the Switch Check; If the result of the IBAN-Name Check is a “Match” or “Close Match” and the switch service is “active”, the user’s new correct IBAN is provided.
This allows you to automatically update the correct payment details and skip several steps in the process.
Add-on features
for the IBAN-Name Check
Company 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 a 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.
European IBAN-Name Check
The IBAN-Name Check on international accounts. This enables organisations to check that the account information entered matches the intended beneficiary when initiating international payments.
Are you ready to start using the Switch Check?
Sign up for the IBAN-Name Check Portal
The Switch Check is available as standard with a portal subscription. So when you sign up for our portal, you can start using the Switch Check right away.
Integrate the Switch Check in your API
Do you already have the IBAN-Name Check API integrated into your systems or are you interested in implementing it with the Switch Check as an additional feature? Then schedule a no-obligation (online) meeting to discuss the options for your organisation.
