IBAN Verification / Confirmation of Payee
IBAN verification is confirming, before a payment is made, that the target IBAN actually belongs to the expected person or organisation — reducing the risk of misdirected payments and fraud.
IBAN verification (Confirmation of Payee) uses open banking data to check whether an IBAN matches the account holder's name. It is used in payments, payout/refund delivery, supplier payments and salary flows to prevent money going to the wrong account and to fight authorised push payment (APP) fraud. With Kobaküs infrastructure, account ownership can be verified within the user's explicit consent.
Confirmation of payee is enabled by open banking account information (AIS) capabilities and relies on user consent.
By confirming before payment that the IBAN matches the account holder's name, it blocks payments redirected to fraudulent accounts (APP fraud) and erroneous transfers.
Confirmation of account ownership is done with open banking data, within the user's explicit consent and in line with the TCMB framework.
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