Instant Credit Transfers: mandatory name-ban verification from 9 October
The second phase of the EU rules on instant credit transfers, effective from 9 October, requires banks to verify the name of the beneficiary. This fast service is useful for urgent payments and online transactions. The obligation to offer instant credit transfers on receipt and sending will also be extended to non-euro banks and other payment service providers
Thursday 9 October marks the start of the second phase, envisaged by EU rules, to accelerate the dissemination among banks and customers of instant credit transfers. From that day onwards, in fact, banks and the Post Office will be obliged to provide the service to their customers and to check that the name of the person receiving the transfer also matches that of the Iban holder.
A useful service, as the Banca d'Italia points out, especially for urgent payments and for those requiring payment upon delivery of a good or provision of a service, such as online on-demand services (e.g. watching a film), exchanges between individuals (e.g. when making the transfer of ownership for the purchase of a used car) or purchases in shops. "This is particularly true if the transaction amount exceeds the payment card limits, while transfer by bank transfer is permitted.
The first phase started in early 2025
The first phase, effective as of 9 January 2025, only stipulated the obligation to receive instant payments and not to charge higher fees than for traditional credit transfers. The verification service, which some banks already provide, limits fraud and errors, since the payment, which takes less than 10 seconds, cannot be revoked. Therefore, especially in the early days, particular care must be taken when filling out the order. In the event of fraud, however, the possibility of requesting a refund remains, provided that the bank is notified immediately. The obligation to offer boni
