What is the IBAN name check?
When you make a transfer, your bank will automatically check if the name of the beneficiary matches the provided account number (IBAN) in collaboration with the recipient's bank. You do not need to do anything extra for this; the check is done entirely behind the scenes.
Read more: "The IBAN name check helps in the fight against invoice fraud | FPS Economy Newsroom"
For every transfer?
No, the IBAN name check only occurs for a bank transfer in euros within the eurozone. It also applies when you transfer an amount in euros to a foreign bank account within the eurozone.
Why is this check performed?
This check is performed to enhance your safety by preventing mistakes in transfers and better protecting you against fraud.
What does Securex do for you?
Initially, checks are performed on manually entered transfers. Later, checks will also be conducted on automatically loaded files, such as payroll files.
In case of errors, the file is not rejected, but Securex receives an overview of the identified errors.
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