What to do if your customers online bank issues a warning when paying an invoice from a UKKO Light Entrepreneur with a business ID service

Information about the Verification of Payee regulation update and why the warning appears during payment:

Verification of Payee (VoP) is a new European regulatory initiative aimed at improving payment security and preventing fraud. It enables banks to verify that the payee’s name and account number (IBAN) match before a payment is processed.

The regulation will take effect in Finnish banks starting October 9. If the payee’s name and the account holder do not match, the online bank must display a warning to the person making the payment. However, the payment can still be completed despite the warning.
 

Important information for your customer paying an invoice sent through the UKKO Light Entrepreneur with Business ID service:

Your customer may contact you after receiving a notification in their online bank. When your customer pays an invoice you’ve sent, their online bank may display a message stating that the recipient’s name and account number do not match. This happens because you are using UKKO.fi’s Client Funds account instead of a business-specific bank account for your invoicing. The notification is an automatic online banking alert and does not prevent the payment from going through. The payment can safely be completed as usual. Alternatively, your customer can update the recipient’s name to “ UKKO.fi Client Fund Account / SLP Wallet ” before making the payment to confirm the account details.

To avoid these notifications in the future, we will update the recipient shown on invoices sent through our service to: UKKO.fi Client Fund Account / SLP Wallet.