Verification of payee

What is the “verification of payee”?

The verification of payee for transfers alerts you if the name and the account number of your beneficiary do not match. Its purpose is to help combat certain types of fraud in transfers. It is therefore an important tool in the fight against fraud.

Does the Keytrade Bank app offer verification of payee?

Yes, from 30 June 2025 onwards there will be a verification of the payee when doing a transfer in the app.

Does the Keytrade Bank transaction site offer verification of payee?

Not yet, we expect this service for transfers made via our transaction site to be ready early October 2025.

What does the verification of payee cost?

This verification is completely free of charge.

How does the verification of payee help prevent fraud?

With the verification of payee, you are warned more quickly about possible fraud. In invoice fraud, fraudsters falsify invoices that you might receive on which your beneficiary’s account number is being replaced by that of a ‘money mule’. When you enter your transfer order for such an invoice, the amount is not transferred to the beneficiary you had in mind but to the ‘money mule,’ who then forwards your money to the fraudster. Similar risks exist for other types of fraud. When you enter the transfer order via the app in the future, we can verify whether the entered account number and beneficiary name match.

How does the verification of payee work?

When entering a transfer order, your bank verifies with the beneficiary’s bank whether the account number (IBAN) and the beneficiary’s name match. You do not need to take any additional steps because this happens automatically. If the name and account number do not (fully) match, the bank will notify you. You then decide whether or not to proceed with the transfer. In other words, you remain responsible for the transfers you make. The verification serves mainly as a warning and a tool in the fight against fraud. If the entered beneficiary name does not (fully) appear to be correct, it is advisable to check the beneficiary carefully again to avoid fraud and incorrect transfers.

What notifications can you expect during the verification of a beneficiary’s name?

• Everything correct: You will see a checkmark next to the entered name because the entered name matches the beneficiary’s name.
• Typo made: You will see the message: “Do you mean ‘<the registered name for the beneficiary account>’?” because the entered name almost matches the beneficiary’s name.
• Completely incorrect: You can receive three possible error messages. The error message differs depending on whether the beneficiary is a private individual or a company, or if the name is not fully entered.
• Technical malfunction in the verification process: You will see the message: "We are unable to check if the name of your beneficiary is correct, so please double-check. If you proceed, the amount could be sent to the wrong beneficiary."

What notification do you get when you enter the correct beneficiary name?

When the entered name matches the beneficiary account name, you will see a checkmark next to the name in the app.

What notification do you get when you make a small mistake?

If you make a small mistake in the name or it is slightly different, you will get a message suggesting the registered name: “Did you mean [the registered name for the beneficiary account]...”

What notification do you get when you enter a completely wrong name?

If you only enter the first name of the beneficiary or a completely different name, you will get one of the following error messages. There are three possibilities:

• The beneficiary account belongs to a private individual (higher fraud risk here): Caution! The entered name does not match this account's beneficiary. The account belongs to a private individual. If you proceed without making changes, the amount could be sent to the wrong beneficiary.
• The beneficiary account belongs to a company: Caution! The entered name does not match this account's beneficiary (which is <company name>). If you proceed without making changes, the amount could be sent to the wrong beneficiary.
• If you do not enter a full name: Please enter a full name. If you proceed without allowing for a proper 'name' check, the amount could be sent to the wrong beneficiary.

What notification do you get if no verification can be performed?

If no verification is possible due to a technical malfunction in the process between different banks, you will see the following message. You always decide after this message whether to proceed with the transfer. “No beneficiary name check is possible, so please check again. If you proceed anyway, the amount may end up with the wrong beneficiary.”

What should you do if you get an error message?

Always check the payment details carefully and, if necessary, contact the beneficiary. Beware: contact details on a fake invoice may also be falsified, so always remain vigilant. You decide whether to proceed with or without changing the transfer after a notification. In other words, you remain responsible for the transfers you make.

What can you do to avoid error messages?

Primarily, try to update your list of trusted beneficiaries so that you have the correct name for each beneficiary. For example, if you have ‘dad’ listed as a beneficiary’s name, change it to your father’s official name. You can add ‘dad’ as an alias to make it easier for yourself. If you do not do this, you will continue to receive error messages.

What can Belgian companies do to avoid incorrect error messages?

Legal entities and companies should ensure their names on invoices, at their bank, and in the Kruispuntbank Ondernemingen (KBO) are correctly stated. It is also important for them to include legal names, trade names, and/or abbreviations on invoices as registered in the KBO.

Do others see your name when they make a transfer to your account?

During the verification of payee, the name of a private individual is never shown if only the IBAN number is entered for a transfer. Only if the sender already knows your name but spells it slightly wrong (e.g., Jansen instead of Janssens), the bank will show the registered name.

Do you see the name of a company when you transfer money to a company account?

Yes, if you transfer money to a legal entity in Belgium, you will see the registered name, if available.

For which payments is the verification applicable?

All transfers made in euros via our app to accounts at banks within the eurozone. For our transaction site, this functionality will be available starting October.

For which payments is the verification not applicable?

• Payments in foreign currencies
• Card payments
• Direct debits

What is the legal framework for the verification of payee?

A European payment regulation provides the legal framework. This was further developed at the European level within the European Payments Council (EPC).

Do Belgian banks do more than the legal framework requires?

To protect customers as much as possible against fraud, 16 Belgian banks, including Keytrade Bank, go a step further than what the legal framework requires:

• If the beneficiary is a legal entity: the registered legal name is shown in case of an error (if available);
• If the beneficiary is a private individual: it is indicated that the beneficiary is a private individual as an extra warning to the sender, for example, if the sender intends to transfer to a legal entity;
• Verification applies not only to current accounts but also to savings accounts;
• If an account was recently closed, this is reported to the sender, so you know not to confirm the transfer;
• For legal entities, both registered names at their bank and legal names, abbreviations, and trade names registered in the KBO (Kruispuntbank Ondernemingen) are taken into account.

What if the bank gives you a wrong notification?

If a bank incorrectly notifies you that the beneficiary name and account number match, you can hold the bank responsible in case of fraud.

Which beneficiary names are considered in the verification?

For private individuals, the verification includes the last name and first name of all account holders. In case of a typo, only the name of the account holder whose name was entered is shown. For joint accounts, you only need to enter one of the two names to get a possible match.

For legal entities, the verification includes the legal names registered with the beneficiary’s bank, as well as legal abbreviations and trade names as possibly registered with the bank and, if in Belgium, with the KBO (Kruispuntbank Ondernemingen).