About Beneficiary Account Name Lookup (Confirmation of Payee)
Beneficiary Account Name Lookup is designed to reduce frauds, scams, and errors by allowing the payer access to the look up service which provides the recipient's name against their account number before initiating a transfer.
Upon entering the account number and IFSC code (clearing code), Beneficiary Account Name Lookup will fetch and display the account holder's name for confirmation. The payer can then make an informed decision about what to do next - pay, check the details with the beneficiary, or choose not to proceed with the payment altogether.
Beneficiary Account Name Lookup is available when the following occurs:
- A new beneficiary is created,
- An existing beneficiary is edited, or
- When adding a new ad hoc beneficiary to an NEFT or RTGS Payment or Template via Payments Menu.
When a person pays you, their bank may also use Beneficiary Account Name Lookup to validate your account details. It is important to provide your registered account name and account number.
Beneficiary Account Name Lookup is there to help protect you; it helps you avoid paying the wrong person, adding another layer of protection to help reduce scams and fraud.
For Confirmation of Payee in Australia, refer to Confirmation of Payee - Australia. Confirmation of Payee is not available in all jurisdictions.
How Beneficiary Account Name Lookup works
When you send money to a business or person using their account number and IFSC code (clearing code), Beneficiary Account Name Lookup will access the look up service, fetch the beneficiary's name against the account details you have entered with the account details held by the recipient’s bank and let you know the outcome.
Using this information, you can choose whether you want to go ahead and make the payment, pause and check the details again – or stop the payment altogether.
Beneficiary Account Name Lookup is available for NEFT Payment and RTGS Payment.
Beneficiary Account Name Lookup possible outcomes
Based on the details you enter, Beneficiary Account Name Lookup will return one of the following outcomes:
| RESULT | OUTCOME |
| Account Active |
The account is in the name of <name returned>. Beneficiary bank account name fetched successfully. Transfer funds only if the name is correct. |
|
Failure |
Unable to fetch beneficiary bank account name. Please try again later.
|
|
Account Not Found |
Account not found. Re-check account number / clearing code.
|
|
Account Closed |
Beneficiary bank account is inactive or blocked. Exercise caution before initiating a transaction.
|
For instructions on how to Verify Beneficiary Details, please refer to Create Beneficiary.