A Security system designed to ensure electronic payments are received by the intended recipient is being rolled out by QNB UK. This is part of an industry wide initiative and all UK based banks will be introducing it by October 2024. It will apply to UK domestic GBP payments only (both the payer and the beneficiary must be in the UK) but by any payment mechanism.
The system will check and confirm the details of the beneficiary and notify the payer if it doesn’t. This will assist in reducing the risk of paying the wrong beneficiary, and provide greater security against fraud.
Whenever you set up a new payment, we will let you know whether the details of the beneficiary are full match, partial match or no match. If partial match, we will provide you with the correct name linked to the account, and you can either update the details, or check with the beneficiary before trying again.
Please note that if you continue with the payment, in instances of partial or no match, without confirming the beneficiary details, you will be accepting the risk of the payment being received by the wrong beneficiary and we may not be able to recover it.