The ‘verification of the beneficiary's name’ for transfers, also known as the IBAN-name check, alerts you if the beneficiary's name and account number do not match and is offered free of charge. It gives you greater confidence and certainty that the money will be transferred to the correct beneficiary, increases the efficiency of transfers and helps to combat certain types of fraud.

• When you enter a transfer order, your bank checks with the beneficiary's bank to see if the account number (IBAN) and the beneficiary's name match. As a customer, you don't need to do anything extra because this happens automatically.

• If the name and account number do not match (completely), your bank will notify you.

• After receiving a notification, you decide whether to proceed with the transfer with or without changes. In this respect, nothing changes and, as is already the case today, you are responsible for the transfers you make. In other words, the verification serves as a warning and a tool. If the details do not match (completely), we recommend that you always check the beneficiary to avoid fraud and incorrect transfers.

Want to know more about this verification? Our FAQ provides answers to all frequently asked questions.