The Verification of Payee is a service introduced as part of the Instant Payment Regulation (IPR) to enhance the security of your transfers by protecting against fraud attempts and wrong transfers. This service helps you confirm that you're sending money to the correct person before completing a transfer.

In this article, we explain how the Verification of Payee works for outgoing transfers from your Expatrio bank account* and incoming transfers to your Expatrio blocked account.

For outgoing SEPA Standard Transfers (IBAN & name) from your Expatrio bank account:

When initiating a SEPA bank transfer on your Expatrio app, you need to enter the IBAN and name of the beneficiary. The Verification of Payee will happen for every outgoing transfer.

We verify whether the recipient name you entered matches the name registered to the IBAN at the recipient bank.

There are 4 possible results:

• Full match: 

  The recipient name and IBAN match perfectly. You can continue with your transfer without any issues.

• Close match: 

  If the verification shows a slight discrepancy, you will see the note “Recipient data are different from those provided by the bank” and we’ll display the official payee’s name below.
  You can change your recipient name according to the suggested correction, continue without changes, or cancel the transaction. You may continue at your own discretion. 
  
  

• No match: 

  You’ll be warned that the funds may go to the wrong account.
  You can update the beneficiary details and retry the verification, cancel the transaction or continue the transfer at your own risk.
  
  

• Verification unavailable: 

  This happens rarely. It means that the system could not verify the name at this time. You can still edit the transfer details, continue, or cancel your transaction.

For incoming SEPA transfer to your Expatrio blocked account

When you are transferring funds from another bank account to your Expatrio blocked account via SEPA transfer, please make sure to enter your name as registered on your Expatrio account and the correct IBAN on the 05 Opening Confirmation Document.

You can find the transfer details on your 05 Opening Confirmation document.

You will see your first name and last name listed as the Recipient first name and Recipient last name on the document.

Please enter your first name + last name (in that order) as the recipient name when you or your family transfers funds to your blocked account.

For incoming SEPA transfer to your Expatrio bank account

When you are transferring funds from another bank account to your Expatrio bank account via SEPA transfer, please make sure to enter your name as registered on your Expatrio account. 

If the sender bank is showing that your name is not matching with the IBAN, please confirm your registered name on your Expatrio app. You can find your name in the Profile tab inside the Banking section.

* Banking services are provided by our partner UniCredit (Formerly Aion Bank).