SurePay launches IBAN-Name Check Portal

Wednesday 25 January 2023 14:23 CET | News

Netherlands-based IBAN-Name check provider SurePay has launched its solution via portal to help companies check that the payment details of a customer are correct.


The IBAN-Name Check Portal can be leveraged by all organisations, 24 hours a day, to carry out verifications in a quick and effective manner and ensure that the payment details that they have of either a customer, supplier, or employee are legitimate. With this solution, SurePay aims to ensure that fraud is detected, and mistakes are prevented.

Payment fraud and how the solution falls into place

As per information provided in the company’s announcement, checking the payment data of customers and suppliers can be labour-intensive, although necessary. Errors in administration result in incorrect payments to customers or suppliers, and possibly fraud, which in turn leads to unnecessary costs, complaints, as well as reputational damage.

Beginning with 2017, SurePay has been providing the IBAN-Name Check solution to all major Dutch and English banks, with the service enabling users to visualise whether the name that is entered alongside the IBAN number matches the name that is known to the bank. In 2019, the company also introduced the IBAN-Name Check for Organisations, with over 215 companies and organisations having integrated the solution into their systems up until this point, as per press release information.

Following the launch of the Portal, the company has extended the IBAN-Name Check accessibility to an increasingly larger group and now includes small and medium-sized organisations and companies for whom a full API integration takes too long to be implemented.

Netherlands-based IBAN-Name check provider SurePay has launched its solution via portal to help companies check that the payment details of a customer are correct.

Within the IBAN-Name Check Portal, organisations can verify within a matter of seconds the following:

  • Whether the name and the account number match;

  • Whether a new customer registers with a business or private account;

  • Whether an account has expired;

  • And whether the customer has switched to a different account.

Furthermore, additional features of the likes of the Company ID check (Chamber of Commerce number and later VAT number) are also available, helping it make clear whether a company is the correct account holder.

SurePay representatives commented on the launch and advised that the Portal makes the IBAN-Name Check available to companies of all sizes, enabling KYC checks, pay-outs, and onboarding processes to run better, as companies can check payment details in an instant manner, thus helping reduce the risk of fraud and errors.

Founded in 2016, SurePay aims to make payments increasingly personal, convenient, and secure. Its IBAN Name Check is leveraged by over 200 companies, including insurance companies, pension funds, and energy companies to mitigate fraud and errors in business processes, such as when onboarding customers or suppliers. 

As per press release information, the company has been supplying the IBAN-Name Check in the UK since 2020 and also activates in other European countries, such as France and Italy. In the Netherlands, SurePay is working towards the expansion of its services by updating the IBAN-Name Check with additional functionalities that enable banks and companies to prevent errors and fraud.

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Keywords: product launch, fraud prevention, Account fraud, IBAN, identity verification, identity fraud, payment fraud, KYC, digital identity
Categories: Fraud & Financial Crime
Companies: SurePay
Countries: World
This article is part of category

Fraud & Financial Crime


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