Athora ensures accurate payments with the IBAN Name Check.
Athora ensures accurate payments with the IBAN Name Check.
Integrated into the Pega business system
Verify payments across multiple processes
Always ensure accurate customer details
IBAN Name Check supports Wwft compliance
Multiple Processes
Following several cases in which benefit payments were mistakenly transferred to the wrong recipients, Athora—comprising Reaal Life Insurance and Zwitserleven Pensions—looked for a solution to ensure that payments are made to the correct person or organization. Athora has now been using the IBAN Name Check for several years, which they integrated into their business system, Pega.
Sander Nienkemper, IT Manager for Life Insurance and Pensions, and Eva Groeneveld, Senior CDD Analyst, explained how the IBAN Name Check is used and the results it has delivered.
At Reaal Life Insurance, the IBAN Name Check is used in several processes:
Reaal verifies the account numbers in bulk files against the account holder names registered with the bank. If the name and account number do not match, the customer file is reviewed again and/or additional information is requested.
In many cases, a “no match” occurs when life insurance policies were originally taken out under a different name than that of the beneficiary.
It is also useful to know that when a business account is registered under the name of an organization, it provides insight into who is authorized to use that account.
Customers generally do not notice the IBAN Name Check, except when a “no match” occurs. In such cases, additional information will be requested from the customer, and it may take slightly longer for the beneficiary to receive the payment.
Sander Nienkemper, IT Manager for Life Insurance and Pensions, and Eva Groeneveld, Senior CDD Analyst, explained how the IBAN Name Check is used and the results it has delivered.
At Reaal Life Insurance, the IBAN Name Check is used in several processes:
- Terminating a policy
- Refunding a premium
- Paying out insurance benefits
Reaal verifies the account numbers in bulk files against the account holder names registered with the bank. If the name and account number do not match, the customer file is reviewed again and/or additional information is requested.
In many cases, a “no match” occurs when life insurance policies were originally taken out under a different name than that of the beneficiary.
It is also useful to know that when a business account is registered under the name of an organization, it provides insight into who is authorized to use that account.
Customers generally do not notice the IBAN Name Check, except when a “no match” occurs. In such cases, additional information will be requested from the customer, and it may take slightly longer for the beneficiary to receive the payment.
Contributing to Wwft Compliance
The IBAN Name Check is also actively used within Zwitserleven Pensions. Before new participants are eligible to receive pension payments, they are first reviewed by the Know Your Customer (KYC) department. They check whether the IBAN is still active. If the IBAN is registered under the name of an organization rather than the individual, a verification is performed to confirm that this is plausible.
In addition to giving Athora greater internal certainty through the IBAN Name Check, the solution also supports more targeted customer due diligence, an important aspect of the Wwft (Dutch Anti-Money Laundering and Counter-Terrorism Financing Act).
In addition to giving Athora greater internal certainty through the IBAN Name Check, the solution also supports more targeted customer due diligence, an important aspect of the Wwft (Dutch Anti-Money Laundering and Counter-Terrorism Financing Act).
No More Bank Statement or ID Copies
Previously, Athora requested a copy of the customer’s bank statement or ID to ensure that funds were transferred to and collected from the correct account. This caused long processing times and customer complaints. Additionally, identity and account information can now be easily forged.
With the IBAN Name Check, Athora can be confident they have the correct customer details, customers receive their funds faster, and direct debits can be processed more efficiently.
With the IBAN Name Check, Athora can be confident they have the correct customer details, customers receive their funds faster, and direct debits can be processed more efficiently.
Check performed within seconds
The implementation went smoothly and the dashboard could be used almost immediately. Ten employees in customer relations and accounts receivable management work with this and are very satisfied; Jane says that the job satisfaction has increased.
In addition, they used to ask suppliers to send a copy of their bank details; this often took 1-2 weeks. With Verification Of Payee, the payment details are checked within seconds. The solution is customer-friendly and gives De Connectie a better image; suppliers no longer wonder whether De Connectie believes them.
Results and Future Processes
Athora is continuously focused on process improvements and aims to implement the IBAN Name Check wherever possible. A valuable addition to the current processes could be the onboarding of new customers at Zwitserleven Pensions.
In addition to the API, Athora plans to use the IBAN Name Check Portal and the single checks it enables. Departments under consideration include Accounts Payable, HR, and Procurement.
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