Starting Thursday, 9 October, banks across Luxembourg are rolling out instant transfers alongside a new beneficiary verification system designed to curb fraud and strengthen payment security.
The initiative, led by the Association of Banks and Bankers, Luxembourg (ABBL), aims to make digital transactions both faster and safer. “Everything becomes immediate,” ABBL announced — allowing users to pay, repay, and receive funds instantly. Whether it’s reimbursing a friend after dinner or paying an urgent bill, the money will now reach the recipient within seconds, ensuring sellers and payees receive their funds without delay.
To complement this speed, banks are introducing a beneficiary name check that automatically verifies whether the recipient’s name matches the IBAN before processing a payment — for both instant and traditional euro transfers.
Each time a transfer is made, users will receive a real-time notification confirming whether the information matches. The system will then prompt the sender to either confirm or cancel the transaction based on the verification result.
However, ABBL cautions that the final decision still rests with the user. “The customer remains free to validate the transfer,” the association explains, “but assumes full responsibility in case of an error.”
The new safeguard comes in response to a sharp rise in transfer-related fraud, affecting both individuals and businesses. By ensuring that names and account numbers correspond before money leaves the account, banks hope to significantly reduce the risk of scams and misdirected payments — marking a major step forward for secure, real-time banking in Luxembourg.
Read More : Les banques introduisent un système de vérification pour prévenir la fraude au virement - L'essentiel
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