Dear Sir or Madam,
From October 2025, banks will be legally obliged to check whether the name of the payee matches the holder of the IBAN recipient account before releasing a transfer.
These changes particularly affect companies that make or receive bank transfers. The focus here is on the so-called IBAN verification with the payee for SEPA payments (Verification of Payee).
Verification of Payee is a procedure for checking account information before executing a SEPA transfer, which ensures that
- the account holder name specified in the IBAN (International Bank Account Number) correctly matches the name of the payee,
- incorrect transfers due to incorrect information are avoided, and
- attempts at fraud can be detected at an early stage.
This procedure is being introduced as mandatory for all SEPA payments in Europe.
Due to this new regulation, the bank is liable in the event of an incorrect transfer if the IBAN and the recipient’s name do not match.
If the IBAN and account number do not match due to incorrect information provided by the payer, the payer is liable; this also applies to minor discrepancies.
When making payments to our bank account, the following details must therefore be provided in order to avoid problems with payment transactions:
Payee: Advantag GmbH
IBAN: DE68 4306 0967 1341 7260 01
BIC: GENODEM1GLS
Bank: GLS Gemeinschaftsbank eG
Address: Christstraße 9, 44798 Bochum
Only by providing the correct recipient name and IBAN/BIC can we guarantee that payments will be received by us from 1 October 2025.
We are happy to assist you with any questions you may have in this regard.
Kind regards,
Advantag GmbH