Confirming a transfer
Transfers you submit must be confirmed with a one-time password or a push notification — a push approval expires after 90 seconds. Confirming is the moment the order becomes ours to execute, so check the amount and beneficiary before you confirm, not after. Standing order payments are confirmed once, at setup, and then run automatically.
Checking the beneficiary's name against their IBAN
For every SEPA and SEPA Instant transfer, we check the name you entered against the name registered to that IBAN, free and in a moment.
| Result | What it means |
| Match | The beneficiary is verified. Continue. |
| Close Match | Often a trading name, abbreviation or typo. Review before continuing. |
| No Match | The name doesn't match the IBAN's registered owner. The account might not belong to your intended beneficiary. |
| Verification not possible | The beneficiary's bank might not support verification, or didn't respond. |
The check doesn't block your transfer. But if money reaches the wrong account, recovering it isn't guaranteed, so treat anything other than a match as a reason to pause. A similar control, Confirmation of Payee, applies to Faster Payments (GBP) transfers.
Extra safeguards
- Dual approval: require transfers to be approved by a second person before execution. Turn this on from the website.
- Document requests: we sometimes need more details — the beneficiary's full name, address and date of birth, or proof of purpose — for regulatory reasons. Reply by the deadline and upload documents in your account, never by email.
What myPOS will never ask you to do
- Ask you to share a password, one-time code, 2FA code or card PIN
- Ask you to move money to another account "to keep it safe"
- Pressure you to make a payment quickly
- Contact you about fraud by phone or text without first messaging you in the myPOS app
If you believe you've been tricked into sending a payment, tell us immediately.