Important Update: Verification of Payee & SEPA Instant Payments

Starting from the 9th October 2025, when you initiate an SEPA instant payment(10 second's to send the funds) via our website or via our mobile app, each payee's name (recipient of the funds) will be checked to see if it matches the name associated with that account number(IBAN).  This is a real-time check aimed at reducing fraud and preventing misdirected payments.

How It Works:

When you set up a payment:

1. You enter the recipient’s name, IBAN/account number, and bank details.
2. The system checks whether the name matches the account at the receiving bank.
3. You get one of three possible results;

✅ Match – The name and account number match.
⚠ Close Match – The name is similar; you are advised to double-check.
❌ No Match – The name does not match the account; you are warned before proceeding.

Benefits:
• Helps prevent fraud (e.g. invoice redirection scams)
• Reduces misdirected payments due to typos
• Gives you greater confidence before sending money