Particle.news
Download on the App Store
5 ARTICLES
·
last mo.

Eurozone Banks Gear Up for October’s Mandatory IBAN–Name Verification

Banks are installing free, real-time name-matching systems to strengthen payment security under the new liability framework before the October rollout.

Image
Image
Die EU will mit einer neuen Verordnung gegen Betrug bei Banküberweisungen vorgehen. Ab Oktober müssen Banken in der Eurozone den Namen des Empfängers mit der IBAN abgleichen. Die Regelung soll Verbraucher besser schützen - könnte aber auch zu neuen Problemen führen.

Overview

  • Eurozone banks have finalized technical preparations to offer free, real-time IBAN–name verification for SEPA credit transfers ahead of the October 9 launch.
  • The verification covers both instant and standard transfers and returns match results within seconds.
  • A traffic-light system displays green for exact matches, yellow for minor discrepancies and red for mismatches to guide customer decisions.
  • Banks assume liability when results show green, while customers bear the risk after a red warning or may correct yellow alerts.
  • Designed to thwart fake invoice scams, CEO-fraud and other schemes, the rule takes effect in the Eurozone in 2025 and will expand EU-wide by July 2027.