What to Know About Verification of Payee as a Recipient

Last Article Update 18.11.2025

Each time someone pays you by SEPA transfer, a Verification of Payee takes place. That is, a check to see if the IBAN and name the sender enters matches what's on record. Here's how to make payments go smoothly - and make things easy for you and your customers.

 

Verification of Payee can help flag if an account does not seem to belong to who it should. For example, if an IBAN is tied to "Franz Gruber" instead of the intended "Erste Bank".

 

However, even a legitimate payment can end up with a no-match result. There are many reasons for this, including:

 

  • Using a trade name (like "Marie-Go-Round") instead of the name tied to the account ("Marie Weber GmbH"). 
  • Typos, abbreviations (e.g. "MW GmbH") or alternative formats
  • Senders not knowing the difference between brand name and account holder
 
Verification of Payee - No match with brand name Verification of Payee - No match with brand name

How to ensure smooth payments

These tips can help you avoid delays, and reassure customers and business partners. 

  • Make sure to use the exact account holder name listed with George Business. You will find this under "Account Details".
  • Check everywhere you share payment details (e.g. invoices, bills, QR codes, websites) to see if they're accurate.
  • Consider adding a note to invoices or payment instructions to remind senders to use the right name. 
  • You can also link trade names to your account with aliases - read on to see how.

Add an alias with George Business

You can register your trade name(s) to make sure they also result in a match. That way, customers and business partners can simply use the name they're used to seeing.

Step 1: Get the alias template.

Download it here (Excel Sheet)

 

Step 2: Fill out the sheet.

  • Enter your customer name ("Kundenname"). You will find this under Company Data.
  • Enter an IBAN.
  • Choose your bank institute from the dropdown menu (e.g. "Erste Group Bank AG")
  • Choose up to 10 aliases. These can each be no longer than 70 characters.
  • If needed, use the "Information" box to provide more context.
George Business Message with alias sheet attached George Business Message with alias sheet attached

 

Step 3: Send a message with George Business.

  • From "Contact" in the left-side menu, go to "Messages".
  • Click on "+ New Message". 
  • Enter this as your topic: "Verification of Payee: Notification of commercial names"
  • Attach the filled out alias sheet (plus any other relevant files) and click "Send".
  • Your advisor will get back to you and tell you what happens next.

Consider using an invoicing tool

(Paid) accounting and invoicing platforms offer solutions that can help you avoid manual errors and automate parts of the process. 

Author: Charles Wagner