28 May 2018

Rabobank introduces IBAN-Name Check

11 September 2017  |  4840 views  |  0 Source: Rabobank

Rabobank customers will as of today be able to use the IBAN-Name Check. The check helps to avoid incorrect transfers and fraud. The IBAN-Name Check has been developed by Rabobank and will also be made available to other banks.

Millions of online and mobile transactions take place in the Netherlands on a daily basis. Around 1,300 incorrect transfers per month are reported to Dutch banks. Three quarters of those transfers result from errors made by customers using old account numbers or choosing the wrong account in their address books. Bank customers report more than 200 cases of incorrect transfers per month due to suspected fraud.

‘The IBAN-Name Check allows customers to check the name of the beneficiary before the transfer is executed,’ says Alexander Zwart, Manager Online Access at Rabobank. ‘The check works with all Dutch IBANs. If the entered name differs from the registered account holder, the user can cancel the transfer. Or they receive a warning that the account number doesn’t belong to a company but a private individual. This makes online and mobile banking even easier and safer.’

How does it work?
When an Internet or mobile banking user has entered the IBAN and name of the beneficiary, the IBAN-Name Check verifies if the entered name is the same as the registered account holder’s. If the name corresponds with the account number, the user does not receive a notification.
If the check reveals an error, a coloured field with the following information appears on the transfer screen:

The entered name is slightly different from the registered account holder’s (e.g. Jansen instead of Janssen): the registered name is shown to the user for verification.
The entered name is very different from the registered account holder’s or an entirely different name of a person has been entered: the user is warned that the entered name does not correspond with the name registered with the bank. The notification also shows if the account number is not held by a company but a private individual. (This is currently only the case if the beneficiary has a Rabobank account.)
The user receives a notification saying that the IBAN is inactive when the bank account has been closed.
The user is notified if the bank account is with a foreign bank.

If the entered name is very different from the registered account holder’s, the user is warned about the possibility of error or fraud. Alexander Zwart: ‘If the check reveals any errors, customers are advised to check the payment details or contact the beneficiary. However, they remain responsible for how they respond to the warning and must decide for themselves whether to cancel or go ahead with the transfer.’

The IBAN-Name Check will as of today be available for Rabo Internet banking and mobile banking. There is no need for customers to activate or update anything. The system is constantly updated with new data. The IBAN-Name Check is made possible in part by the Dutch Chamber of Commerce.

Other banks
The IBAN-Name Check is being introduced to Rabobank customers today. The check works for all IBANs in the Netherlands. The IBAN-Name Check will also be made available to other banks and they are free to decide if and when they wish to use this service.

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