Febelfin’s opinion on the implementation of the IBAN name check in the fight against (invoice) fraud can be found here.
What is the IBAN name check? When a transfer order is placed, the bank checks whether the account number (IBAN) and the name of the beneficiary correspond. If this is not the case, the bank will report this to the consumer, when the latter wishes to make a transfer. The consumer will then be able to confirm or annul the transfer order. The IBAN name check is therefore intended to assist the consumer, who himself takes the final decision on whether or not to take account of the ‘warning’.
The implementation of this is an operational challenge, among other things owing to the wide variety of spellings of first and surnames and the use of abbreviations. Febelfin and its members are adopting a constructive approach to cooperate with the introduction of an IBAN name check if this proves to be a suitable solution that also has the support of Europe.