Verification of Payee

How does verification of the payee work?

The verification of the payee takes place automatically in Nordea Mobile and Netbank when you create a new payment and enter the name and account number of the recipient. Once the verification is done, you will be informed whether the name of the payee you entered matches the official name of the account holder completely, partly or not at all.

The payee is verified in euro-denominated payments within the eurozone, and it is used in both standard credit transfers and instant credit transfers. Payments are transmitted based on the account number, just like before. However, the verification of the payee will help you notice if the payee’s name doesn’t match the name of the account holder. This lets you identify potential errors or scam attempts.

Verification of payee messages in Nordea Mobile and Netbank

Following the verification of the payee, you may see one of the following messages:

Recipient name matches account holder name: The recipient’s name you entered is the same as the account holder’s name. Everything is okay and you can proceed to confirm the payment.
Recipient name partially differs from the account holder name: The name you entered differs slightly from the account holder’s name, and you will be shown the account holder’s official name.
Recipient name is not the same as the account holder name: The names are completely different or the account holder’s official name differs significantly from the name you entered. Check the recipient information and correct it. If you suspect a scam, don’t confirm the payment.
We could not compare recipient name with the account holder name: We were unable to check the account holder’s name for technical reasons or the recipient’s bank does not yet support the verification of the payee if the account is located in a non-euro country, for example. You may also get this message if the recipient’s account has been created recently or if there have been no outgoing payments from the account.

You should always carefully read the message you are shown after the verification of the payee. If the recipient’s name is a full match, you can confirm and make the payment.

If you receive the message indicating that the recipient’s name doesn’t fully match the account holder’s name, you should check the recipient’s name and account number from the invoice or by contacting the invoicer. If you decide to confirm the payment despite the warning, there is a risk that your payment will be sent to an account not held by the intended recipient. If this happens because of a scam, Nordea will not be liable for your lost money. Therefore, if you suspect a scam, don’t confirm the payment.

Check the name carefully

You should always check the recipient’s name and account number to ensure that your payment goes to the right recipient.

Enter the recipient’s full name the way it is shown in the invoice’s recipient details. If you are making a payment to a private individual, use their full official name. Short names and nicknames may result in you being shown that the recipient name and the account holder name don’t match.

Tip: Remember to go through your saved recipients and to update their information, if necessary. If the recipient details are correct in your recipient list, you won’t need to correct a recipient’s name every time you make a payment to them.

Frequently asked questions about verification of payee

Why am I always shown a verification of payee message before I confirm payments?

The EU Instant Payments Regulation requires banks to perform a check on the recipient’s name and account number and to inform their customers making payments whether these match. This helps the customer to spot errors in the recipient information and to detect scams.

Where does Nordea check the recipient’s information from?

We check the recipient’s information from the recipient’s bank.

If I’m shown the message that the “recipient name is not the same as the account holder name”, can Nordea tell me the real account holder name?

In this case you must check the recipient’s information directly from the person or company to whom you are making the payment. Usually you can check the details from the invoice or ask the sender of the invoice directly.

I was shown the message “Recipient name is not the same as the account holder name”. Should I confirm the payment?

Nordea can’t make the decision on your behalf – it’s always your decision whether to confirm a payment or not. If you decide to confirm the payment despite the warning, there is a risk that your payment will be sent to an account not held by the intended recipient.

The risk is higher if you haven’t sent payments to this recipient before. If you suspect a scam, don’t confirm the payment.

If you know the recipient and they have received your previous payments, the risk is smaller.

Important to note: If you confirm a payment and it turns out to be a scam, Nordea will not be liable for your lost money.

Why is the account holder’s name verified even though the payments are transmitted solely based on the account number?