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NAME CHECK

Service target:

Service target:

ABOUT

Name Check CBI is a Verification of Payee service that allows to verify real-time the correct association between the IBAN Code and the name of the beneficiary.

The verification performed by Name Check provides customers (both for individuals and businesses) with greater assurance that payments are sent to the intended recipient, avoiding accidental and misdirected payments as well as providing an additional layer of protection in frauds and scams.

The Name Check CBI Service provides one of the following three answers:

Exact match: if the correct account name was used, you receive confirmation that the details match and you can proceed with the payment.
Partial match: if you used a name similar to the account holder's name, you will be provided with the actual name of the account holder to check; in that case, a suggestion with the actual name associated with the IBAN code can also be provided.
No match: if the name reported does not correlate with the IBAN code entered and/or if the IBAN code entered cannot be verified for additional reasons.

ABOUT

Name Check CBI is a Verification of Payee service that allows to verify real-time the correct association between the IBAN Code and the name of the beneficiary.

The Name Check CBI Service provides one of the following three answers:

Exact match: if the correct account name was used, you receive confirmation that the details match and you can proceed with the payment.
Partial match: if you used a name similar to the account holder's name, you will be provided with the actual name of the account holder to check; in that case, a suggestion with the actual name associated with the IBAN code can also be provided.
No match: if the name reported does not correlate with the IBAN code entered and/or if the IBAN code entered cannot be verified for additional reasons.

WHY

reduces the risk of fraudulent behavior and/or misdirection of payments, even instantaneous payments, thanks to real-time verification of the correct association between a IBAN Code accredited and the name of the beneficiary associated with that IBAN
performs immediate verifications with clear outcomes (exact match, partial match, no match)
makes payments, including instant payments, of any amount more secure, through a simple and intuitive user experience

KEY ELEMENTS

Enhances security in
financial transactions

Verifies the correct association
between the payee of a payment
and its IBAN code

Helps prevent fraudulent
or mistaken payments;

Increases stability and efficiency
of the financial sector

Enables the development
of innovative products and services

F.A.Q.

V Λ REGULATIONS

V Λ 1. What is Verification of Payee(VoP)?: When making a transfer, whether it is ordinary or instant, Verification of Payee allows verification of the match before the actual authorization and execution of the transfer. Verification is based on the unique combination of the account holder's name and IBAN number. The payee's bank sends the name and account number entered to the payee's bank, which verifies these details against those available to provide a response. If the details entered are incorrect (for example, the payee's name does not match the name registered with the bank for that account number), the payer will be notified. In such a case, the payer may have made a mistake or be at risk of fraud.

V Λ 2. What are the time frames for completing the implementation of Verification of Payee?: For PSPs operating in euro area countries, the functionality must be available as of October 9, 2025.
For PSPs operating in a non-euro area country, the functionality must be available as of July 9, 2027.

V Λ 3. What are the obligations on PSPs?: The Instant Payments Regulation requires Intermediaries offering payment channels to provide their customers with a beneficiary verification service, operating in the role of a PSP Calling. It also stipulates that the bank where the beneficiary’s account is held — referred to as the PSP Responding — must respond to the requests submitted by the PSP Calling.
The service provided by CBI ensures full compliance with the Regulation by activating both roles.

V Λ 4. For companies, is the Verification of Payee service optional?: PSP calling is obligated to offer the verification service to companies. Exclusively in the case where such companies send multiple payment orders as a package, it is possible for them to explicitly opt out (so-called Opt put) of receiving verification on such payments.

V Λ 5. From which moment does the maximum time sent to verify the beneficiary begin?: The maximum time for payee verification starts from the moment the user enters the transfer data on the bank's front-end, before the payment is authorized. This timeframe is not uniquely defined by the regulation, but is part of the EPC Verification of Payee(5 seconds) scheme. Since we have to perform the verification before payment authorization, in the case of instant transfers, the time required to perform the verification of the payee does not fall within the 10 seconds of payment execution.

V Λ CBI'S NAME CHECK SERVICE

1. What is Verification of Payee(VoP)?
2. What are the time frames for completing the implementation of Verification of Payee?
3. What are the obligations on PSPs?
4. For companies, is the Verification of Payee service optional?
5. From which moment does the maximum time sent to verify the beneficiary begin?

V Λ 1. What is the Name Check Service?: CBI's Name Check Service offers the possibility for PSPs:

-To the payer's PSP to perform matching verifications by matching through CBI's centralized algorithm, and to reach all PSPs in the European Economic Area

-To the payee's PSP to be reachable by PSPs and to be fully compliant with the Verification of Payee regulations.

V Λ 2. To whom is CBI's Name Check service addressed?: CBI's Name Check Service is for all appropriately licensed PSPs.

V Λ 3. How does the Name Check matching system work?: CBI's Name Check service offers an advanced algorithm that compares the details entered by the user with the data received from the payee's PSP(PSP responding). The algorithm is able to calculate the match through machine learning logic by providing the outcome to the payer's PSP(PSP calling) to be viewed by the user.
The outcome returned to the payer's PSP will be a full match, a partial match or no match, possibly accompanied by the full name of the payee(where required by regulation) or an anonymized suggestion.
Verification is done in full alignment with the Instant Payments Regulation and the EPC scheme by timely requesting updated account holder information from the payee's PSP.

V Λ 4. Does the IBAN verification requirement become necessary only for INST transfers or also for standard transfers?: The IBAN verification requirement applies to both instant and standard wire transfers (SCT normal and SCT Inst, Cross-border, One-leg-out, ...). The regulations require that the IBAN of the recipient be verified to ensure the security and correctness of transactions.

V Λ 5. With regard to massive payments, how is the beneficiary check applied?: In the case of massive payment slips, the payer's PSP can send the entire slip to CBI, prior to authorization by the user, and CBI will take care of routing the individual calls through the Name Check Service by timely verifying the individual payments contained in the slip submitted by the Corporate, aggregating the results into a single return flow.

V Λ 6. Does the Service enable the management of additional data (PIVA, LEI, national business register no.) required by the Instant Payments Regulation for VoPs?: The Service also supports real-time verification of the correspondence between ID codes and IBANs, in full compliance with the Regulations and the EPC scheme.

V Λ REACHABILITY

1. What is the Name Check Service?
2. To whom is CBI's Name Check service addressed?
3.How does the Name Check matching system work?
4. Does the IBAN verification requirement become necessary only for INST transfers or also for standard transfers?
5. With regard to massive payments, how is the beneficiary check applied?
6. Does the Service enable the management of additional data (PIVA, LEI, national business register no.) required by the Instant Payments Regulation for VoPs?

V Λ 1. How is the connection to other schemes made to ensure interoperability among them?: CBI will ensure reachability in the EEA(European Economic Area) through direct integrations with PSPs, European aggregation schemes and technology partners, as well as by enabling the possibility for PSPs to join the EPC Verfication of Payee scheme. CBI will enable extra-EEA reachability through agreements with major industry players(e.g. Pay UK, Swift,...).

V Λ 2. Can Name Check be offered in multichannel?: The Name Check Service is offered to PSPs via a single API for payee verification that can be seamlessly integrated omni-channel (e.g., tellers, ATMs, ...).