From 9 October 2025, all banks and savings banks will be required to check whether the recipient name and IBAN match for transfers. This recipient verification is intended to prevent incorrect transfers and fraud. Until now, banks have not generally checked whether the recipient name provided matches the name stored with the IBAN for transfers.
How the verification works
- All transfers in EUR within the SEPA area will be checked.
- If there is a complete match, the payment will be executed as usual.
- In the event of minor discrepancies (e.g. typing errors), you will receive a notification and can correct or approve the transfer.
- In the event of significant discrepancies, the bank will warn you of a risk.
Exceptions
- Standing orders remain in place; only new or changed orders are checked.
- Direct debits are not affected.
- For paper transfers, the check only applies to orders submitted in person.
What does this mean for you?
In future, please pay particular attention to the correct spelling of the recipient’s name. Banks are only exempt from liability for incorrect transfers if they carry out the check correctly.
You can find more information directly at BaFin.
