Toward national bank transfer Starting May 20, they will have prior confirmation of the recipient of the money, a feature that the Bank of Portugal believes will help reduce fraud.
When a transfer is made between national accounts at a Multibanco ATM, the name of the person or entity that will receive the money appears, allow the transferor to confirm in advance that they are sending money to the beneficiary just before giving the final transfer order.
It is this functionality that The Bank of Portugal now extends to all transfers on all channels provided by banksin the case of ‘homebanking’ or ‘app’ (application) of the banks that clients have on their mobile phones.
This functionality will also be present in direct debits to confirm that the debtor is the owner of the account to be debited.
In the Report on payment systems 2023, published this Thursday, the Bank of Portugal considers that this service will reduce the risk of fraud, by minimizing the possibility of sending money to the wrong recipients.
Starting June 24 (until September the implementation by banks will be gradual) it will be possible to make transfers between national bank accounts (normal or immediate transfers) by simply entering the beneficiary’s mobile phone number.
In other words, what is already happening in the MBWay network now applies to all transfers between domestic accountseither through homebanking, the bank’s app or over the counter.
If he beneficiary is a company, the person making the transfer may only indicate the NIPC (Company tax identification number).
In this system, designated for now ‘proxy lookup’Users must associate their mobile phone number (can be a foreign mobile number) with an account.
Source: Observadora
