US EditionIBAN and recipient name matching now mandatory for bank transfers
10 Articles
10 Articles
focus.de
finanzen100.deGerman bank customers are in despair of the new recipient review of bank transfers, which has been mandatory in Germany since 9 October. FOCUS online documents the typical problems.
Asufin recalled that this Thursday, 9 October, new key aspects of the European regulation on immediate transfers have entered into force, such as the obligation for banks to verify IBAN, according to the communiqué sent by the association.In particular, since today, institutions will be obliged to offer these payments with all cybersecurity forecasts, i.e. by checking that the name of the beneficiary coincides with IBAN before processing the tra…
From now on banks must check the recipient name in addition to the IBAN. This should make life more difficult for fraudsters and at the same time provide more security
The new EU regulation for SEPA instant transfers, which requires Verification of Payee (VoP) for all banks and payment service providers, is now in effect. The new requirement is intended to increase trust and security for euro transfers by verifying the account number (IBAN) and the... The article "SumUp now implements valid mandate for Verification of Payee (VoP)" first appeared on IT Finanzmagazin.
A new feature arrived in your Belgian bank this summer: the IBAN check, i.e. the verification of the beneficiary of a bank transfer. Since 9 October 2025, in Belgium and in all euro area member countries, banks and payment institutions must inform you whether the IBAN account number corresponds well to the name of the beneficiary indicated during a bank transfer. Find out how it works in this article.
With the changes to the recipient check for transfers, the question arises: What happens to standing orders?
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