Netherlands-based payment verification solutions provider SurePay has rolled out a single European IBAN Name Check solution, covering cross-border and domestic payments across the EU. The solution by SurePay aims to prevent wrong payments and fraud, by issuing a warning to check the name before completing a payment.

Payment fraud and friction are rising International fraud is increasing every day. Payment fraud, such as invoice, WhatsApp, and CEO fraud, is detected by applying an IBAN Name Check prior to payment. That is why the European Commission has proposed to introduce Instant Payment legislation, including a mandatory IBAN Name Check.

This will also help banks avoid friction and payment errors, reducing operational costs and fees to consumers. Ample coverage on Europe SurePay is already active in several European countries, such as the UK, the Netherlands, Italy, and France. The fintech from Utrecht is already doing checks for 100+ banks and 170 million bank accounts and is now ready for an EU-wide introduction.

In addition to direct connections to banks, SurePay has connections to payment schemes in Europe, such as CBI's Check IBAN and SEPAmail. SurePay has already performed more than 6 billion checks and developed a matching algorithm that produces a low number of false positives. Executives from SurePay said they are happy to introduce the single European IBAN-Name Check solution, which offers banks a seamless and secure payment experience with high coverage in all European countries.

They will ensure that their customers have a solution that is compliant with banking standards and privacy legislation and secure. They offer one of the most accurate IBAN-Name matching based on real-time verified account holder data. Their solution is designed to meet these needs and comply with domestic and European regulations.

Also suited for organisations Hundreds of organisations now also use the IBAN Name Check. By checking payment batches or checking data from suppliers, customers, or employees. This prevents errors and fraud as a result of, for example, ghost invoices.

An online portal was introduced in January 2023 where name, account numbers, Chamber of Commerce, and VAT numbers can be checked immediately. .