No more bank transfer errors: this new feature alerts you before it is too late

From now on. In addition, until October 2025, Belgian banks are gradually deploying a new feature intended to strengthen the security of transfers. Nevertheless, This free system automatically checks whether the beneficiary’s name corresponds to the encoded account number. For example, Objective: to avoid errors, thwart fraud and reassure users. &#13. Nevertheless,

From June 2025, Belgian banks will gradually begin to introduce a new tool intended to strengthen the safety of electronic payments: the Verification of the name of the beneficiaryalso called IBAN Name Verification. Nevertheless, This system. Meanwhile, proposed freemakes it possible to ensure that the name of the recipient of the transfer corresponds well to the encoded account number (IBAN). However, It aims to reduce payment errors and prevent certain forms of fraud, no more bank transfer errors: such as invoice fraud.

This system. Similarly, already in place in several European countries, will become Compulsory from October 9, 2025in accordance with a European directive aimed at further securing banking transactions.

How does this verification work? – No more bank transfer errors:

When you make a transfer. your bank goes automaticallywith the beneficiary’s bank, if the name you have encoded corresponds to the holder of the IBAN account number provided.

Depending on the results of this verification. three cases may arise:

• Exact correspondence : The name corresponds perfectly to that recorded with the beneficiary’s bank. No error message will be displayed.
• Partial correspondence : In the event of a typo or minor difference (e.g. incomplete name), a no more bank transfer errors: message will tell you the official name of the beneficiary for verification.
• Lack of correspondence : If the name entered does not correspond at all, an alert message will appear. In the event of a professional beneficiary, the correct name will also be mentioned.

Even if an alert is issued, The customer remains free to make the transferbut assumes full responsibility for his decision.

Objectives: fight against fraud. avoid mistakes

This new feature allows Limit entry errors et to detect certain fraud attemptsespecially when crooks send false invoices by modifying the bank details of a supplier. Thanks to this system. an individual or a business will be notified if the indicated Iban does not correspond to the expected name.

According to Karel BaertCEO de Febelfin, “This measure strengthens customer confidence in electronic payments and contributes to transaction safety. »»

The Minister Rob Beanerresponsible for consumer protection. the fight against social fraud, underlines that it will assess the concrete impact of this measure and will envisage any adaptations if necessary.

Tips for optimal use

In order to fully benefit from this verification. Febelfin recommends to customers:

• To introduce the full and official name of the beneficiary (name and first name for a natural person, legal name for a company).
• To correct their list of registered beneficiaries If error messages appear frequently.
• To no more bank transfer errors: check any alertbecause it can report fraud or error in the contact details.

For companies. it is advisable to Update their legal and commercial name With the Banque-Carrefour des Entreprises (ECB) in order to avoid rejections of verification during the payments received.

Progressive deployment until October 2025

The introduction of the recipient’s name verification will gradually start in the coming months. Each Belgian bank will decide its deployment calendar, both in terms of Channels available (mobile application, online bank, etc.) that Types of transfers concerned (to Belgium only at first).

From here October 9. 2025this system must be operational for all transfers within the zone eurowhich will allow a European harmonization payments safety.

A major advance in banking security

In conclusion. the verification of the name of the beneficiary is part of a logic of strengthening confidence in digital banking services. Without weighing down the procedures for users. it offers a Additional safety netparticularly no more bank transfer errors: useful in the face of the increase in fraud targeting transfers.

Banks, companies and consumers are invited to prepare for this major development of the Belgian and European banking landscape now.

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