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Instant payments

Payment from account to change. As of 9 October, the payee you enter on your payments will be verified for increased security.

Verification of Payee improves security

Before confirming your payment, you will be notified whether the name you entered matches the account holder's name. If the names don't match, you can stop to check the payment details and make corrections if necessary. The notification may help you to spot a scam, especially if the payee is new to you or appears suspicious.

Instant payment is fast

Payments within the euro area are transferred from payer to payee within 10 seconds every day – including evenings, weekends and public holidays. Speed brings convenience, but it doesn't mean that you as the payer should rush.

Account security limits slow down fraudsters

You can set limits on your account that automatically prevent excessively large payments. This way, you protect your money – but careful consideration is still your most important safeguard.

Always check the payment details

Make sure that your payment goes to the right place: Check the account number and the payee's name so your money reaches the intended recipient. If you send the payment to the wrong person or to a fraudster, you may not get your money back. Payments are always transferred to the payee based on the account number. Keep this in mind also when you're expecting a payment to arrive.

When you're making a payment to a person:

  • Use their official first and last names as the payee's name.
  • Avoid nicknames and abbreviations.

When you're making a payment to a company or organisation:

  • Use the payee's official name. Please check it from the invoice or the payment initiator.
  • Avoid marketing names, abbreviations and acronyms.

If you have payment templates:

  • Make sure that the payee's name is correct in any payment templates you may have saved.
  • Update any old payment templates which may have incorrect or outdated information.

If you're expecting a payment:

  • Make sure that the details you have provided – your account number and your name – are correct and up-to-date so the payment will reach you.

Payee's name will be verified before payment

This Verification of Payee (VoP) enables you to ensure that the account is owned by the intended payee.

 

 

 



 

The payee's name matches the name of the account holder

Exact match: The result shows that the account is owned by the payee whose name you entered.


 

The payee's name almost matches the name of the account holder

Partial match: The result shows that the account holder's name is almost identical to the payee's name you entered. Make sure that the account number is correct because payments are transferred based on the account number only.



 

The payee's name is not the same as the name of the account holder

No match: The result shows that the account is owned by someone else than the payee whose name you entered. Make sure that the account number is correct because payments are transferred based on the account number only. If you suspect a scam, stop immediately and do not make the payment.


 

Couldn’t verify the payee's details

The payee's name couldn't be verified. Either the payee's bank does not yet support Verification of Payee (VoP) or the verification failed due to technical reasons.

 

Note: You may continue with the payment in all these situations, but check the payment details first. If you decide to make the payment even though the payee's name does not match the account holder's name, you do so at your own risk.

Account security limits – protect your money

You can set security limits on your account to restrict the size of payments to be executed immediately – either per day or per transaction. If you set a daily limit of €1,000 on your Current Account, you can't transfer or withdraw more than that in a single day. The combined amount of the day's transfers and payments cannot exceed the daily limit.

  • Remember: Security limits cannot prevent scams where a criminal tricks you into making the transfer yourself. That's why your most important safeguards are the notification you get after the Verification of Payee (VoP) – and your own careful consideration.