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New rules from October 9th: Banks must match IBAN and names!
From October 9, 2023, new rules for bank transfers in the euro area will apply, including mandatory IBAN name matching.
New rules from October 9th: Banks must match IBAN and names!
From October 9, 2023, new regulations for bank transfers in the euro area will come into force, which will bring far-reaching changes. Loud dolomitenstadt.at Banks will then have to offer real-time transfers. This measure is intended to increase the efficiency of payment transactions and strengthen security when dealing with bank transfers.
A central point of the new regulations is the introduction of recipient name verification. As of the deadline, banks are obliged to match the recipient name provided with the corresponding IBAN in order to avoid cases of fraud. Until now, fraudsters have been able to redirect payment flows without the name and IBAN having to match. Christian Prantner, consumer protection expert at the Chamber of Labor, welcomes the changes and emphasizes that incorrect transfers are often difficult to recover and can result in high costs for investigation orders.
New security measures
The new recipient verification system is completed by a traffic light system. Signal here:
- Grün: IBAN und Name stimmen überein.
- Gelb: Leichte Abweichungen, mit Vorschlag für den richtigen Namen.
- Rot: Grobe Abweichungen, Freigabe auf eigenes Risiko des Kunden.
Prantner emphasizes that customers should be more responsible by closely monitoring transfers and including the recipient name on invoices. If you have any doubts, you should contact the payee directly. Banks could also set transfer limits for accounts to minimize risk.
Impact on payment transactions
The new regulations are aimed particularly at curbing invoice fraud and other fraudulent activities. Deviations in IBAN matching can occur as small differences, significant deviations or as failures. If there are minor differences, such as typos, the correct name is displayed. Larger discrepancies should alert customers and question whether the transfer will be approved, according to the consumer advice center linked.
Another feature is that from October banks will only be liable if the IBAN and name match is positive. Otherwise, they are not responsible for incorrect transfers, which further emphasizes the customer's personal responsibility.
Technical and practical implementation of the new regulations
The changes are mandatory not only for electronic transfers from checking account to checking account, but also for paper transfers that are made in person at the branch. Existing standing orders are not affected by the regulation as long as no changes are made. Direct debits are also not subject to the new obligation to verify recipients BaFin explained.
In summary, it can be said that the upcoming changes in transfer transactions are intended not only to increase security, but also to strengthen consumer responsibility. The new system will make it much more difficult for fraudsters to obtain funds unlawfully. However, customers are encouraged to remain vigilant and use remittance resources wisely.