Bank transfers: from October 9, 2024, enter the exact name of the beneficiary, otherwise the transfer may fail.

From October 9, a new rule will change your bank transfers. Banks are stepping up verification of the beneficiary‘s identity, to limit fraud. As a result, you may have to confirm details before sending your money.

What changes on October 9: tighter controls

In concrete terms, the name of the beneficiary will be compared with the
IBAN
provided. If there is a discrepancy, an alert will appear before your bank transfers. In this case, you can correct the wording or confirm the transfer. This safeguard is aimed at the very frequent fraudulent use of false IBANs.

Warning thresholds vary from institution to institution, as each bank calibrates its own tool. For example, a missing accent or a reversed first name can trigger a warning. For some companies, the business name differs from the legal name of the bank transfer. In such cases, a manual check may take several minutes.

From now on, adding a new beneficiary will often require double authentication via your app. What’s more, a security delay may apply to the first transmission. Some banks block instant transfers if the perceived risk remains high. You can then switch to a standard transfer to finalize your bank transfers.

“It’s better to double-check a name than lose an entire transfer.

Why this device is coming now

The number of RIB change scams has exploded in recent years. That’s why the French banking industry is harmonizing its controls ahead of the boom in real-time bank transfers. In addition, Europe is pushing towards instantaneous payment and payer protection. This framework creates greater security, but also some friction.

From October 9, the first alerts will be activated on numerous channels. The banks will then fine-tune the settings according to customer feedback. In addition, merchants and professionals will have to update their RIBs, to reduce errors. This will reduce the number of recurring bank transfer disputes.

• Check the spelling of the name on the RIB.
• Keep a PDF or capture of the original RIB.
• Test a small shipment before making a large payment.
• Call the beneficiary if an alert persists.
• Refuse any RIB received via an unsecured channel.

Concrete consequences for private individuals and professionals

For starters, duplicate names in the household can be surprising. For example, a joint account with two long names sometimes triggers an alert. So, indicate the name as it appears on the RIB, to facilitate bank transfers. Finally, keep a screenshot of the exact wording as soon as you receive the document.

Associations and the self-employed are also affected by these controls. On the other hand, a once-validated recurring mandate is easier to use on a day-to-day basis. Afterwards, your bank will keep the name-IBAN correspondence for future transfers. But the risk of error is reduced, and your bank transfers are still subject to change alerts.

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Specifically, for companies, invoices must specify the legal name of the account. In addition, check each RIB for hyphens, apostrophes and accents. Sometimes, a simple hyphen can cause the search to diverge. This rigor avoids cash-flow delays linked to bank transfers.

Stress-free preparation

First, update your beneficiary book in the application. Then, test a small amount before making a large payment. If an alert occurs, call the beneficiary to confirm the exact wording. In this way, you can secure your bank transfers without wasting time.

Above all, beware of urgent messages asking you to validate a new RIB. When in doubt, use the official app, never a received link. Fraudsters are already imitating these screens, because fear makes them act quickly. Thanks to this reflex, your bank transfers remain under control.

Frequently asked questions: deadlines, costs, instant transfers

For the time being, there are no changes to the deadlines for a classic SEPA credit transfer. However, a first transfer to a new contact may be delayed. This safety valve depends on the bank and its risk profile. In practice, your bank transfers leave the same day or the following day.

On the price side, rates remain unchanged, including for instant when it’s paid for. Some offers already include the unlimited option, depending on the package chosen. So compare the conditions in your contract, line by line. You’ll avoid unnecessary charges on your bank transfers.

And what about instant transfers? Yes, they’re still possible, but an alert may block the transfer if there’s any doubt. In this case, first confirm the exact name with the recipient. Then send a reminder, respecting the RIB wording, for surprise-free bank transfers.

• Bank transfers