Banco de Portugal wants transfers to link the account to the recipient’s name. The functionality should help reduce the risk of sending money to the wrong recipients and even combat fraud.

Banco de Portugal is developing a mechanism for the recipient of the transfer to be represented when transferring money, which will be ready in the first quarter of 2024, according to information collected by Lusa.

People are often afraid to enter the wrong IBAN when transferring, so this feature should help reduce the risk of sending money to the wrong recipients and even combat fraud.

According to the payment systems report 2022 released this Thursday by Banco de Portugal, the central bank is also exploring functionality “that allows you to initiate transfers on credit and immediately with the recipient’s mobile phone number”, eliminating the need to put the NIB (similar to the transfers that exist in MB Way).