Strengthening trust before money moves
We’re pleased to announce our partnership with Clovr Labs, an innovative fintech company that builds privacy-first verification tools for the financial services industry. The team is behind IBANcheck, a service that helps businesses verify whether a bank account truly belongs to the person or entity it claims to be associated with.
Powered by Yapily’s open banking infrastructure, IBANcheck enables businesses to securely and seamlessly verify account ownership before any money moves. Using open banking consent flows, the account holder authorises a read-only connection to their bank, allowing IBANcheck to confirm that the submitted IBAN matches the account holder's name. This privacy-first approach ensures verification occurs transparently and securely, without the need to share sensitive data or credentials.
Preventing fraud and reducing risk
Fraud and payment redirection scams remain a significant risk for businesses managing payouts and onboarding new partners. IBANcheck introduces a simple, consent-led verification step that prevents funds from being sent to incorrect or fraudulent accounts.
The solution is particularly valuable for:
Vendor and contractor onboarding: confirming that the payee’s account belongs to the right business or individual before making a first payment.
Marketplace payouts: protecting sellers and platforms from redirection or impersonation attempts.
KYC and compliance workflows: complementing identity checks with verified account ownership data.
Loan disbursement or insurance claims: ensuring funds are sent to verified recipients.
High-value or cross-border payments: reducing the risk of errors and costly failed transfers.
Secure, seamless, and scalable
By combining Yapily’s reliable open banking connectivity with Clovr Labs’ innovative verification technology, IBANcheck offers a frictionless way to embed account ownership checks into existing payment or onboarding journeys. Built for SEPA and EU-centric operations, it supports a growing number of European countries and is expanding into more markets.
The process is fast, consent-led, and designed to minimise data exposure, as only the information required to confirm the match between name and IBAN is processed. Once verified, businesses can receive a digitally signed Ownership Certificate from IBANcheck, providing auditable proof of account ownership.
Together, Yapily and Clovr Labs are helping organisations across Europe build safer, more transparent, and fraud-resistant payment experiences.
Learn more about Yapily and Clovr Labs.