Validation uses an algorithm to determine if a SCAN or IBAN exists, but does not let you know if that SCAN or IBAN actually belongs to the company who has provided it.

Verification takes this a step further and checks the Creditsafe database for a match on the SCAN/IBAN, and tells you if the bank details actually belong to the company, so the user can be assured that they are sending their money to the correct entity, and not a random bank account.