Please note that from 9 October 2025, banks will be required to carry out VoP / recipient verification for transfers in the corporate customer sector. This also applies to us as an NGO.

The reason for this is to combat money laundering and fraud, which will be curbed across the EU in future by means of recipient verification.

The official name of our account is:

GECOTEC e.V. Gesellschaft f. internationalen Austausch von ECO-Technologien
IBAN: DE12 6808 0030 0411 7438 02

However, as this account name is very long, our supporters usually use the short form Gecotec e.V.

This should continue to be possible in future. Even if a yellow warning symbol appears during the transfer, you can still send the payment without any problems. This has been confirmed to us once again by Commerzbank.

Further information on the new procedure

How does recipient verification work?

1. Start transfer:
   You initiate a SEPA transfer in your online banking or banking software.

2. Enter data:
   You enter the IBAN and the name of the payee.

3. Automatic comparison:
   Your bank compares the name you entered with the name stored at the recipient’s bank.

4. Display result:
   The result of the verification is displayed within seconds.

Possible outcomes of the verification:

• Match:
  The name matches the IBAN. The payment will be executed as usual.

• Close match:
  There is a slight discrepancy (e.g. an umlaut is missing), but the core of the name is correct. The bank will notify you of this, and you can still approve the payment.

• No match:
  The name entered does not match the name associated with the IBAN. You will be informed and can decide whether you want to cancel the payment.

Why is recipient verification important?

• Fraud prevention:
  It prevents transfers to incorrect recipients and protects against fraudulent activity.

• Increased security:
  It contributes to greater trust and security in electronic payments.

• Liability issues:
  If you send a payment despite a negative result and the money goes to the wrong recipient, you as the sender are liable – not the bank.

If you have any further questions, please do not hesitate to contact us.