One can transfer a small token payment and ask the payee to confirm the amount received. If correct then transfer the remainder. It helps that my bank's site remembers the account details of recent payees.
People do this all the time. Mum mum did it recently paying for a used car.
Also usually the payment details are saved after the first payment so the risk of making a mistake with the second payment is low. You would reuse the saved payee.
>Also usually the payment details are saved after the first payment so the risk of making a mistake with the second payment is low. You would reuse the saved payee.
Exactly. A twist is my bank wipes the saved payees after a few months or so.
The verification would only happen prior to the first transfer of value, with subsequent transfers using the verified information.
Seems like if the banks cared they could add a very similar process for adding personal transfers, and mostly automate it for their customers. Except it's customer money being lost so the impetus is not there.