I am wondering if any of our UK members have heard about this:
A work colleague told me that UK banks are going to start validation of bank account names as part of their payment processing service. Apparently they will be able to tell you if you have entered the correct account name at the time of payment not just wait for the rejection by the receiving bank. To do this banks would have to share their customer lists which would have commercial and legal implications.
Is this just a rumor or is there something to it.