Extra banking measures – Confirmation of Payee
At Global Reach, we try to keep our customers informed about anything that could affect their international payments, which is why we thought we’d offer a quick update on some new upcoming banking measures.
Some banks have already started to use, or will soon begin using, a ‘Confirmation of Payee’ service, where they're able to help customers check who they’re paying. This means when you make a payment, you’ll be told whether the name or business name on the account matches the one you’ve entered, in a bid to cut down on fraud. What it means for you, is that if you want to move money to a business account (like us) to make an overseas transfer, you’ll need to ensure you enter the full account name we provide, to ensure you make it a match.
If your bank begins to use this system, you’ll find four primary outcomes when you make a payment to a new payee. You may be told:
Match– This will be the result when you’ve used the correct account name and can continue with making your payment.
Partial match– In this circumstance, you may have inputted a name similar to the full name of the account holder. The bank should then provide the full name of the account holder, which you can check before you update the details so you can successfully make your payment.
No match– In this case, the details you provide and the details the bank has don’t match. If this scenario occurs, it’s useful to confirm with the person or business you’re attempting to make a payment to, to ensure you’ve got the right details.
Unavailable– This may mean the account type isn’t supported, or their bank hasn’t implemented the Confirmation of Payee system, so your bank is unable to check the account name. You may find you can continue with the transfer, but be liable for any payments made.
To ensure you can successfully make your payment on the first attempt, it’s worth double-checking the account name you need to use, as some businesses have different trading names or account names. Make sure to include the full name you’re given. In the case of a limited character count, it may show as a partial match, and you can check the full name on the next stage of the payment.
These measures are designed to help keep your money safe from fraud; if you need to find out more information about this, you can contact your bank. If you have any questions about making a payment to Global Reach, you can speak to our dedicated Client Services team, on 0203 510 8200 or email [email protected].