Overview

• Banks will automatically query the beneficiary’s bank to confirm the entered name matches the IBAN before executing a transfer.
• The EU-mandated service rolls out on 9 October across the eurozone and applies to both instant and standard transfers at no additional cost.
• Customers will see the verification result and can correct details or proceed despite a non‑match, according to the French Banking Federation.
• Banks and industry groups advise using full, exact beneficiary names and avoiding labels such as “Maman” or “Électricien” to reduce errors and fraud.
• Consumer guidance highlights common scam signals like urgency or emotional pressure and urges people to hang up and call their bank or contact directly to verify.