Overview

• From October 9, banks across the euro area will implement an EU-mandated service that requires a recipient name for every transfer, including instant payments.
• Before executing a payment, the sender’s bank will query the beneficiary’s bank to verify that the entered name corresponds to the destination IBAN and will display the result to the customer.
• If the information does not match, customers will be prompted to correct details or may proceed after a non‑match warning, according to the French Banking Federation.
• The verification, offered free of charge, targets fraud linked to identity theft and manipulated account details and also helps reduce input errors when adding new payees.
• In France, reported fraudulent transfers rose 30% in 2024 to €37 million, and authorities advise using exact names, heeding mismatch alerts, and treating urgent or emotional payment requests as red flags.