Belgian banks have recently introduced an additional check for bank transfers. It may seem like a minor change, but it makes a big difference to the security of your payments. In this blog, we explain what has changed, why this check was introduced, how it works, and how Billit supports it.
2 min reading time
When you make a transfer, your bank will now check not only the account number (IBAN), but also the name of the recipient. IBAN stands for International Bank Account Number and is the unique international account number used for payments. If the combination does not match, your bank will warn you.
The aim is to prevent money from being sent to the wrong account by mistake, or worse, that you fall victim to fraud.
The main reason is security. Fraudsters are becoming increasingly inventive, for example by falsifying invoices with a different account number.
With this additional check, banks want to protect both businesses and private individuals against this type of fraud. The name check is an extra safeguard to help protect you.
This way, security takes an even more important role in the payment process.
Advantages:
Disadvantages:
When your payment is ready, your bank compares the name and account number with their internal database. If the details do not match, you will receive a warning. This is an automatic check that you cannot disable.
You can confirm the payment despite the warning, but this always involves a risk. The bank will execute the transfer, but you remain fully responsible for the accuracy of the details.
In Billit, you can pay in different ways:
Via a payment file
You download the payment file from Billit and upload it to your banking environment.
Via an EPC QR code
Billit generates a QR code you can scan. The transfer is then automatically pre-filled with all the details from Billit.
If the details in the uploaded payment file or from the QR code do not match according to your bank, an error message will appear in your banking environment.
Important: this is not an error message from Billit, but from your bank. If you have any questions about this, you should contact your bank.
More information about payments with Billit.
In addition to the bank check, Billit itself offers several functions to prevent fraud and protect your account. For example, we check whether the account number on an invoice matches the account number already registered in Billit for that supplier.
If you suddenly see a different account number, you will receive a warning. This prevents you from accidentally paying into an unknown account. However, this check only works for suppliers you have already registered in Billit. For new suppliers, make sure to verify the details yourself.
Want to go one step further in protecting your account? With multi-factor authentication (MFA), you add an extra security layer against unauthorised access. Or read more about why we sometimes ask for identity verification for services such as the secure e-invoicing network Peppol.
The name check, combined with Billit’s additional security measures, forms a powerful duo to keep your payments and administration safe. More control means less risk. And less risk means more peace of mind for you as an entrepreneur.
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