Okuzeka
Finance & Banking vocabulary · Fintech & Digital Banking

Confirmation of payee

Meaning in finance & banking, with examples

nounAdvanced term

In finance & banking, confirmation of payee means: A check comparing a proposed recipient's name with the account details before a payment is sent.

In Turkish: alıcı adı doğrulama

How it is used

The UK service uses this name; a matching result does not prove a transaction is legitimate.

Example sentences

  1. Confirmation of payee returned a name mismatch for the new beneficiary.

    The check compares the supplied name with the account record.

  2. The bank explained that confirmation of payee does not verify the invoice itself.

    Name matching has a narrower purpose than validating the underlying purchase.

Common collocations

  • confirmation of payee check
  • confirmation of payee response
  • beneficiaryThe person or company that receives money from a payment, a letter of credit, an insurance policy or a will.
  • fraudDeceiving someone to get money or another advantage illegally, such as using stolen card details or opening an account with a fake identity.

More terms: Fintech & Digital Banking

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This page explains English vocabulary for learners. It is not financial advice.