I see an unknown name as the beneficiary on my bank statement. To whom did I actually pay with iDEAL?

Most merchants (around 85%) process their payments via a so-called Collecting Payment Service Provider (CPSP). For iDEAL these parties are certified by Currence, the product and brand owner of iDEAL. Click here for an overview of the certified iDEAL CPSPs.

If a merchant uses iDEAL via a CPSP, the money of the iDEAL payment is transferred from your bank account (IBAN) to the IBAN of the CPSP. Then the CPSP transfers the amounts to the IBAN of the merchant.

In accordance with legal requirements, the name and IBAN of the receiving party must always be shown. That is why you see the name of the CPSP as the beneficiary of the iDEAL payment on your bank statement, if the merchant uses a CPSP.

In the description of the iDEAL payment you can also find the name of the merchant to which you have made the iDEAL payment. CPSPs must provide the name of the company via the iDEAL transaction, so that your bank can show the name of the merchant on your bank statement. You can find the name of the company, by clicking on the payment in your account overview, you will see the following data.