Name verification for a bank transfer

Check that the name(s) of your company are correctly registered with your bank(s). This ensures that your customers can make payments to you without any concerns, and you can do the same for others.

This AI-generated translation may contain errors and should not be considerd legal advice. For accurate info, refer to the Dutch or French version or consult your Securex Legal Advisor.

Name verification for a bank transfer: what does this mean for me?

You want to make a transfer today to your friend Jan for your share of the costs of the barbecue next weekend.

You also want to pay an invoice to your supplier of maintenance products, "The Cleaning Store".

In your banking app, you enter Jan or The Cleaning Store as the name of the beneficiary, as you usually do.

Suddenly, you receive an error message that says:

An orange message: “The entered name almost matches the name of the beneficiary. Did you mean <Jan XYZ> »
A red message: “Warning! The entered name does not match the name of the beneficiary. The name of the beneficiary is <The registered name>. If you proceed without modification, the amount may go to the wrong beneficiary.” The “registered name” is the name as it is known at the bank for that account number.

Why does this happen? Belgian banks are currently rolling out a system that automatically and free of charge checks the name of the beneficiary to whom you want to make a payment.

You still decide whether or not to execute the transfer. The orange or red warning will not stop a payment but will prompt you to check who you are actually making a payment to.

Why are banks doing this?

The banks are implementing a European decision to provide users, both individuals and businesses, of bank transfers in the eurozone:

A tool to prevent errors, such as entering another person with the same name but a different account number.
A start of protection against certain forms of payment fraud, such as invoice fraud.

Today, there are various forms of payment fraud where scammers try to get your money into a certain account. The scammers want you to believe that you are depositing money into the account of the beneficiary with the name you know, but in fact, you are depositing it into the account of the scammers.

Through this name verification, you will be alerted to the fact that something may be wrong and that you need to check.

Which names will the banks use?

For natural persons, the verification takes place with respect to the first and last name as registered at the bank of the beneficiary.

For legal entities, the verification takes place with respect to the legal names registered at the bank of the beneficiary, as well as the legal abbreviations and trade names, as long as they are registered with the bank and, if in Belgium, with the Crossroads Bank for Enterprises (CBE). This will be the case by no later than 9 October 2025.

Our tip

Ensure that your legal names and legal abbreviations are correctly stated on your invoices (in addition to any trade name) and in the CBE. This way, you ensure that your invoices can be paid correctly and that your customers have fewer questions.

If you have a company, you can register your trade name through a company desk at the Crossroads Bank for Enterprises (CBE). Banks will also take into account trade names of legal entities registered in the CBE if possible.