Beneficiary verification is a security measure implemented by Sumeria that allows customers to be sure that a transfer is sent to the correct beneficiary.

The objective of this verification

It was set up to help stop transfer mistakes and prevent fraud.

Customers are protected against:

• IBAN typo errors (just one wrong character and the money could go to someone you don't know);
• Scams involving fake transfer orders (through identity theft, the provision of a fraudulent IBAN, calls from fake advisors, etc.).

The functioning

Before a transfer is made, the system checks that the name entered by the customer matches the actual holder of the IBAN.

If there is a difference, the customer is notified.

In all cases, the customer can still send the transfer. If he confirms the transfer despite a mismatch alert, there is a risk that the funds will not be sent to the desired recipient.

In case of non-matching

The customer has several options:

• Correct the beneficiary's name or IBAN, if it is simply a typo.
• Check with the recipient to make sure that it is his/her IBAN.
• Cancel the transfer and wait for more information.

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