What is beneficiary verification?

Before approving a transfer, the system checks that the name, first name or company name of the beneficiary entered corresponds to the bank account (IBAN) entered.
This verification is based on secure interbank correspondence, introduced by European regulations to reinforce the security of electronic payments.
 

What are the benefits of this audit?

This system allows you to:

• Secure transfers by ensuring that funds are sent to the right recipient
• Limit input errors (incorrect name or IBAN),
• Prevent bank fraud, particularly fraud involving false invoices or identity theft,
• Building trust in online payments through systematic monitoring

 

How does it work in My Indosuez?

When you enter a transfer, you will see one of the four following results:

• Match: The name entered matches the bank name of the beneficiary à the transfer can be validated securely;

• Close match: The name entered is close but does not match the exact name (e.g., wrong type, first name/last name reversed) A warning message prompts you to check and correct it if necessary. à You can then choose whether or not to approve the transfer.

• No match: the name you entered does not match the IBAN name at all à An alert message will appear. It is strongly recommended to verify the information before taking any action. You can still validate the transfer, but at your own risk.

• Verification impossible: in some cases, verification cannot be performed (e.g., non-participating beneficiary's bank, closed account) à an information message will notify the issuer, who may then decide to continue the transfer or not.

 

Best practises for secure transfers

• Always enter the full and exact name of the beneficiary (first name + last name or company name).
• In the event of an alert message, carefully check the data before validating.
• If in doubt, contact the beneficiary directly through a secure and usual channel (telephone, known email).
• Use the " Pseudonym " function to personalise the beneficiary's name in the online bank, while keeping the official name in the required fields.

Digital Client Support Indosuez is available for any assistance or questions regarding My Indosuez à from the login page click “Contact us” or call the number provided.

 

* Countries affected by this regulatory change: France, Spain, Italy, Luxembourg.