Belgium’s Banks Introduce Automated Name Verification for Money Transfers
New rules will require all banks in Belgium to automatically verify recipient names against IBANs starting October 2025 to curb fraud and errors.
Banks in Belgium are set to roll out a new automated name verification system as part of broader efforts to enhance the safety of electronic money transfers. This new feature is designed to check if the recipient’s name matches the provided IBAN, automatically warning users if there are inconsistencies or mistakes before a transfer is completed. By flagging incomplete or incorrect names, the system aims to stop faulty transactions before they happen, providing added peace of mind for customers.
Starting October 9, 2025, all Belgian banks will be required to make use of this technology under new national banking regulations. This move follows an EU directive aimed at harmonizing payment security standards across Europe, further aligning Belgium with continental best practices. The financial industry federation Febelfin, along with government officials, has emphasized the importance of robust systems like this to prevent both fraud and accidental errors in electronic payments.
Bank customers and businesses are being encouraged to review and update the recipient name details they use for payments to ensure full benefit from the new security measure. By taking these steps, Belgium hopes to offer safer and more reliable banking for everyone, reducing the risks of both scam attempts and honest mistakes in electronic transfers.
