Overview

• Existing standing orders will continue without rechecks, but any new transfer or amended standing order will trigger the verification and should use the precise recipient name from the invoice.
• Several Sparkassen and Volksbanken have set consent deadlines around October 5–6 and warn that accounts may not be usable without agreement to updated terms.
• Deutsche Bank and other private lenders say no separate consent is needed for a legal mandate, a stance consumer advocates support.
• Experts say immediate mass account closures over withheld consent are unlikely, expecting reminders and consultations before any drastic action.
• The system returns a green, yellow or red match signal within seconds and applies to euro transfers across the euro area via apps, online or at branches, while transfers outside the EU are excluded.