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Checking payees

Before your end-users send an outgoing wire transferWire Transfer A transaction that moves funds between accounts. An incoming wire transfer moves funds from a third-party bank account to a Weavr managed account, while an outgoing wire transfer moves funds from a Weavr managed account to a third-party bank account. Wire transfers require the managed account to have an assigned IBAN (for EUR) or sort code and account number (for GBP)., they should confirm that the account they're about to pay actually belongs to the person or business they think it belongs to. Checking the payee's account name against the number or IBANIBAN International Bank Account Number - a standardized international bank account identifier. Managed accounts can be assigned an IBAN to enable wire transfers to and from bank accounts outside of Weavr. IBANs are required for EUR accounts and enable SEPA transfers. is the single most effective control against authorised push payment (APP) fraud and accidentally misdirected payments.

Weavr runs this check automatically on every OWTOWT Outgoing Wire Transfer - a transaction that moves funds from a Weavr managed account to a bank account held at a third-party financial institution. OWTs require the managed account to have an assigned IBAN and the user to complete Strong Customer Authentication.. The scheme used depends on the payment rail, not on a setting you choose:

Payment railCurrencyCheckGoverned by
Faster Payments (UK)GBPConfirmation of payee (CoP)Pay.UK
SEPA SCT and SCT InstEURVerification of payee (VoP)European Payments Council, under the EU Instant Payments Regulation

Both schemes answer the same question — does the name match the account? — and return one of these results:

  • Match — the name provided matches the name on the destination account.
  • Close match — the name is similar but not identical. The real account name is typically returned so the payer can decide.
  • No match — the name does not match.
  • Not possible (VoP only) — the check couldn't be completed, usually because the receiving PSP doesn't yet support VoP.

CoP results also include a reason code that explains close and no matches. VoP results don't.

Where the check fits in the payment flow​

  1. Your end-user creates an OWTOWT Outgoing Wire Transfer - a transaction that moves funds from a Weavr managed account to a bank account held at a third-party financial institution. OWTs require the managed account to have an assigned IBAN and the user to complete Strong Customer Authentication..
  2. Weavr runs the CoP or VoP check and returns the result in the response.
  3. The OWTOWT Outgoing Wire Transfer - a transaction that moves funds from a Weavr managed account to a bank account held at a third-party financial institution. OWTs require the managed account to have an assigned IBAN and the user to complete Strong Customer Authentication. is created in PENDING_CONFIRMATION.
  4. Your application displays the result to the end-user.
  5. The end-user either confirms the payment or cancels it.

Step 4 is a regulatory obligation, not a UX suggestion — the result must be shown to the end-user before they confirm, even when it's a Match.

Linked Accounts exception

For GBP OWTsOWT Outgoing Wire Transfer - a transaction that moves funds from a Weavr managed account to a bank account held at a third-party financial institution. OWTs require the managed account to have an assigned IBAN and the user to complete Strong Customer Authentication. to a linked account, the /confirm step is skipped because the beneficiaryBeneficiary A trusted recipient for payments that includes both information about the business or individual as well as their bank account or instrument details. When using trusted beneficiaries, customers may be allowed to skip Strong Customer Authentication (SCA) when executing Outgoing Wire Transfer or Send transactions, reducing the number of approval steps required. name was verified when the linked accountLinked Account An entity in the Weavr system that represents an external bank account or payment service provider (PSP) account which an Identity has verified they own and control. This feature enables users to perform transactions, such as outgoing and incoming wire transfers, between their Linked Accounts and their Managed Accounts as 'self-to-self' transfers. was created.

For EUR OWTsOWT Outgoing Wire Transfer - a transaction that moves funds from a Weavr managed account to a bank account held at a third-party financial institution. OWTs require the managed account to have an assigned IBAN and the user to complete Strong Customer Authentication. to a linked accountLinked Account An entity in the Weavr system that represents an external bank account or payment service provider (PSP) account which an Identity has verified they own and control. This feature enables users to perform transactions, such as outgoing and incoming wire transfers, between their Linked Accounts and their Managed Accounts as 'self-to-self' transfers., /confirm is always required and the VoP result must still be displayed. The exception only applies to CoP.

Implementing the check​