The Instant Payment Regulation (IPR) of the European Union will enter into force on 9 October and bring changes to the payment of invoices. In future, money will be transferred from one account to another in less than 10 seconds, also during weekends and holidays.
When the IPR takes effect, banks will also start verifying at payment that the name and account number of the payee correspond to one another. The objective is to prevent mistakes and frauds that are intended to trick customers into sending money to the wrong account.
When you are paying invoices in the online bank, you will receive a notification stating whether the payee information fully or partly corresponds to the information you have given. The bank will also let you know if the information does not match. Your bank will compare the entered name of the invoice payee to the company’s official name in accordance with the Trade Register.
As a payer, you can choose to accept the payment even though the information does not match. You should, however, note that in such a case, you will be held responsible for the payment potentially being transferred to the wrong account. Therefore, it is important to always check that you have the correct account number.
Here’s how you ensure safe payment to the Veritas account:
- When paying an invoice, use the official name of Veritas, ’Pensionsförsäkringsaktiebolaget Veritas’.
- If you use an existing payment template or saved information in your online bank, change the payee name to ’Pensionsförsäkringsaktiebolaget Veritas’.
- If your online bank tells you that the name does not match the account number, check the Veritas bank account number from the invoice.
Do you want to receive your invoices directly to your online bank?
The Instant Payment Regulation will accelerate the roll-out of payments, but if you would like to save your own time, too, it is a good idea to request invoices directly to your online bank.
Online invoices automatically contain the official registered name, account number and reference number of the payee, so you do not need to enter the information yourself.
As a YEL customer, you can request online invoices through your own online bank or give us the online invoicing information for your company in our online service. The invoicing information can be found under Insurance details, in section “Contact details and invoicing”.
For TyEL customers, the easiest way to start using online invoicing is to request online invoices through your own online bank.
