In the other method, the payer must give instructions to his bank, in particular the deductions from the beneficiary. The beneficiary is then informed that he now has the right to initiate direct debits from the payer. While this is theoretically safer, it can also mean that in the event of an error or dispute, it may be more difficult for the payer to return the direct debits. The name registered on an account must be available in the communications that customers have with their account provider and through their online or mobile applications. If a customer feels that they need to change the name that their account provider has registered, or is unsure of how the name is registered, the customer should discuss this with their account provider. • Make sure that all invoices or money orders provide the correct name, account number and bank sorting code. In some cases, businesses may use a business name or a short name, which may be different from the account provider`s name as the account name. • Companies must use their account name when billing customers or providing payment details. If they are not sure what it is, they should contact their account provider. • Make sure their customers and partners are aware of the need to use the right data when making payments to them. A payee is a party in an exchange that receives payment. The payee is paid by a payer in cash, by cheque or by any other means of transfer. In return, the payer receives goods or services.
The name of the beneficiary is included in the bill of exchange and usually refers to a natural or legal person such as a company, trust or custodian bank. The matching decision is made by the intended recipient`s bank, as it has the best knowledge of the name of the person or company to be audited. Regardless of the result of the name verification, the decision whether or not to make a payment rests with the issuing customer. Payee Confirmation (CoP) allows a payer to verify that the name (including a personal/business account indicator) they provide for a new payee is the same as the payee`s name/account type. .