Overview

• From 9 October, banks must verify exact name-to-IBAN matches for single consumer transfers to curb fraud and improve online payment security.
• The requirement does not automatically apply to collective transfers, and organizations may choose to disable name checks.
• Deutsche Rentenversicherung has adopted this option for pension disbursements to keep payments running without interruption.
• The authority says online claims that pensions will be halted because of the new checks are false.
• Beneficiaries with questions are urged to contact official information centers or seek personal consultation.