IBAN Name Check available for Buckaroo customers

Tuesday 12 April 2022 12:52 CET | News

Netherlands-based payment service provider Buckaroo has offered IBAN-Name Check by SurePay, aimed at customers with many direct debits.

The IBAN-Name Check is used to check the correctness of the payment details of new customers, suppliers or employees. This prevents fraud and errors. Surepay says that this makes the online onboarding of new customers smoother and checking customer details is no longer a manual process, as people know for sure that they are collecting from and paying to the right person or company.

The IBAN Name Check checks whether the given ascription matches the given account number. This brings to light any incorrectly transmitted information at an early stage. It also reduces the risk of transaction breakdowns. The use of the IBAN-Name Check gives businesses more certainty when processing direct debits. Businesses can perform the IBAN-Name Check prior to a periodically recurring direct debit batch. The check can also be used as a part of a Know Your Customer (KYC) process.

Companies can build the check into their own payment or business processes. If something is wrong with the bank account number or the name, a message appears. Companies decide for themselves in what form notifications are visible. If an IBAN number does not exist at the bank, or has a different ascription than specified, this can be a reason for to accept a customer or not. This prevents fraud and errors, and ensures that the company has the correct customer data.

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Keywords: KYC, digital onboarding, IBAN, fraud prevention, fraud detection
Categories: Fraud & Financial Crime
Companies: Buckaroo, SurePay
Countries: World
This article is part of category

Fraud & Financial Crime




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