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The rules for bank transfers are changing as of today, Thursday. Banks within the eurozone are now required to offer real-time transfers. There are also new security measures in place: before completing the transfer, banks check whether the IBAN and the recipient’s name match. This is intended to prevent fraud and combat it more effectively.
A kind of traffic light system has been introduced for IBAN name matching. Before the customer approves the transfer, this system checks whether the IBAN and the recipient’s name match. If the two parameters match, the bank gives the green light for the transfer. If there are slight discrepancies (yellow), such as a typo in the recipient’s name, the system suggests the correct name. If there are significant discrepancies between the IBAN and the name, the transfer is flagged (red). The transaction can still be approved, but this is at the customer’s own risk; the bank accepts no liability in the event of an error.
Real-time transfers are effectively replacing traditional SEPA payments. No additional fees may be charged for real-time payments. The changes are based on the EU’s Instant Payments Regulation.
Greater security and transparency in payment transactions
From the perspective of the Austrian National Bank (OeNB), IBAN matching represents an “important step toward increasing security in payment transactions.” It recommends that companies and private customers familiarize themselves with the new requirements. For business customers in particular, it is advisable to issue invoices with the correct account holder names and to use QR codes for payments to facilitate recipient verification. Furthermore, a “red flag” should not simply be ignored, advises Josef Meichenitsch, the director responsible for payment transactions at the OeNB.
- source: APA/picture: pixabay.com
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