Understanding Account Name Verification on Noblocks

Swapping on Noblocks is designed to be simple, fast, and reliable. To make every transaction smooth, Noblocks connects users to a network of liquidity providers, enabling fast and reliable conversions between stablecoins and local currencies. A key part of this process is account name reconciliation, which helps confirm that the recipient’s account details are accurate before completing a payout.

What Account Name Reconciliation Means?

On Noblocks, account reconciliation simply means making sure the account name matches the account number before an offramp is processed. It’s our way of confirming that funds are headed to the right person or business. Depending on the payout currency, we use one of two reconciliation methods to verify the details. In practice, this involves checking the account number and bank information you submit against the official account name registered with the recipient’s bank. This extra step keeps swaps accurate, secure, and error free.

How It Worked Before on Noblocks

Noblocks supports two types of reconciliation depending on the payout currency. For currencies like NGN, the system automatically verifies the account name by checking it directly with the bank using the account number you provide. For other payout currencies such as KES, UGX, and TZS, automatic name verification isn’t available.

This is because the PSPs that support these currencies have not yet enabled account name verification in their APIs. As a result, we show “OK” in the space where the recipient’s name would normally appear. This simply means the account number is valid, even though we are not able to display the name linked to that account.

How It Works Now: The New Improved Process

For KES, UGX, and TZS, the PSPs only support payouts and do not provide account name lookup in their APIs. This means Noblocks will not be able to automatically display the recipient’s name. To make the process clearer and more transparent, we designed a simple flow for you.

Once you enter an account number and choose the correct bank or institution, Noblocks immediately checks the details. If the provider(PSPs) supports automatic account verification, the correct account name is fetched and displayed to you to confirm.

If account verification is not available, you will be provided an input field to type in the account name yourself, and Noblocks will prompt you to double-check the account number you have entered is correct and belongs to the name you’ve inputted before you continue.

This quick step helps reduce errors and ensures your swap goes exactly where it should. It also removes the blindness you may feel when you see “OK” displayed to you instead of the recipient's account name associated with the account number you’ve entered and safeguards your swap by ensuring you enter an accurate account number on Noblocks at all times .

It’s important to note that entering an account name manually means account verification isn’t available and you’d have to take on the responsibility of ensuring you’ve entered the right and accurate account number from the recipient you are sending fiat to. It does not mean the account name has been verified or matched with bank records.

Best Practices for Smooth Swaps

To ensure accurate and successful payouts:

• Always confirm the account details directly with the recipient.
• Double check the account number and bank information before swapping.
• If you are entering an account name manually, type it exactly as registered with the bank and properly ensure you’ve entered the correct account number.
• Review the displayed information carefully before confirming your swap.

At Noblocks, our goal is to make stablecoin to fiat swaps fast, secure, and simple. Understanding how account verification works helps you swap with confidence every time.