The Banking Scene Afterwork

IBAN-Name Check: Lessons Learned from the UK and The Netherlands

IBAN-Name Check: Lessons Learned from the UK and The Netherlands

Fraudsters are creative: the rise of fraud through digital banking is rising all across Europe, through phishing, spoofing, APP-fraud, invoice fraud...

The IBAN-Name Check, or Confirmation of Payee (CoP), is an account name checking service that helps to make sure payments aren't sent to the wrong bank account. It helps customers and businesses make payments safely by checking the name on an account before a new CHAPS, Faster Payment or Standing Order is set up. In addition, operational costs are saved on the bank side.

Testaankoop, Test Achat, but also political voices are increasingly pushing to implement something similar in Belgium to reduce the risk of fraud.

Actively used in The Netherlands and the UK, we'll investigate with SurePay the potential for the Belgian banking sector.

Our speakers are:

  • David-Jan Janse, Co-founder and CEO of Surepay, that implemented the confirmation of payee in the Netherlands and UK by 30 leading banks and 150+ corporates: 81% less fraud, 67% less misdirections and 80% less fraudulent onboarding customers, suppliers and employees.
  • Gijs Boudewijn, General Manager of Dutch Payments Association. The Netherlands implemented the solution already in 2018. The Dutch Payments Association coordinated the industry-wide implementation.

Some background information:

https://www.vrt.be/vrtnws/nl/2021/10/28/n-va-wil-met-iban-naamcheck-einde-maken-aan-factuurfraude/

https://www.nvb.nl/bank-wereld-online/vijf-vragen-over-de-iban-naam-check/


Practical

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