PwC Strategy& study: IBAN-name checks can increase confidence in instant payments

Instant payments are becoming more popular in Europe, but at the same time attract fraudsters

In future, according to draft EU legislation, banks should therefore check before every payment whether the IBAN and account-holder name match

Banks and payment service providers take a nuanced view of the proposal

IBAN-name checks can help to increase the attractiveness of instant payments within the EU, notably by increasing trust in the new mode of payment. But in order to effectively combat attempts at fraud and to bring about greater acceptance of instant payments Europe-wide, they need to be supplemented by further measures. Any possible standardization should, at the same time, be open to solutions already established in individual countries and aim at efficient implementation. These are the findings from the study “IBAN-name check: Current developments and concepts” co-authored by Strategy&, PwC’s global strategy consulting business, together with Oesterreichische Nationalbank (Austrian National Bank, OeNB), Deutsche Bundesbank, and the Euro Banking Association (EBA). For the study, 17 representatives of European banks, public institutions and IBAN-name check providers were interviewed.

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