What is beneficiary verification and how does it work?
From October 9, 2025, a new European regulation applies to all your transfers, whether they are standard or instant. Before you send your money, Nickel will verify that the name of the beneficiary you have registered matches the one mentioned on the entered bank details (IBAN). It's like a double-check to ensure your money arrives at the right place.
What criteria is beneficiary verification based on?
If the beneficiary is an individual, the verification will focus on their first and last name. If it is a legal entity (e.g., a company, an association...), the verification will focus on the company name or trade name.
How does it work?
When you make a transfer, Nickel automatically checks whether the first and last name of your beneficiary match the information that appears on the entered bank details (IBAN).
If no anomaly is detected, you will not receive any alert and you can continue the transfer.
However, a message will appear in case of partial or non-correspondence:
- Partial correspondence: the beneficiary's name does not match exactly.
Example: You entered "David Matin", but the name on the IBAN is "David Martin". - Non-correspondence: the information differs between the information you entered when creating your beneficiary and the information on their IBAN. For example, if you use a nickname like "Dad" instead of "David Martin".
- Absence of verification: in some cases, the verification may not succeed due to a lack of communication between banks. In this case, the transaction will be processed without verification of the beneficiary's name. We advise you to cancel the transfer to avoid any risk of error.
What to do in case of non-correspondence of information?
Several choices are available to you. You can then:
- Correct the beneficiary's name and continue the transfer.
- Ignore the name change suggestion and continue the transfer, but in case of error, Nickel will unfortunately not be able to intervene.
- Cancel the transfer if you have any doubt
Why this verification?
More security: this verification allows to detect fraud, such as identity theft and the use of fake IBANs.
Is this service free?
Yes, this service is free and mandatory for all SEPA transfers, whether it is a standard SEPA transfer or an instant SEPA transfer.
Are permanent transfers concerned?
Permanent transfers validated before October 9, 2025 are not affected by the beneficiary verification, even if their execution takes place after this date. On the other hand, for all permanent transfers entered from October 9, 2025, the beneficiary verification will be automatic and performed only once during its setup.
- Always ask your beneficiary for their banking details (IBAN) to ensure you have the correct information.
- Never use nicknames or abbreviations. The first name and last name must be exactly as they appear on the banking details.
- If in doubt, contact your beneficiary to verify their details.