Overview

• From October 9, banks must run the Verification of Payee check on euro transfers, comparing the recipient name with the IBAN in real time.
• Commerzbank says customers should enter the precise name shown on invoices, such as the full legal company name, to ensure a clean match.
• Deutsche Bank and Sparkasse confirm that previously set standing orders are not rechecked at execution and will continue to be processed.
• Any standing order that is newly created or changed triggers the name-to-IBAN check, and mismatches can prompt warnings that customers proceed past at their own risk.
• Older standing orders often contain abbreviated recipient names while the IBAN remains correct, so future setups should use the exact designation to prevent alerts.