Starting this Monday, bank transfers between Portuguese accounts will require prior confirmation from the recipient before the final order to transfer the money is given.
This feature already existed for transfers between Portuguese accounts at the Multibanco ATM. It displays the name of the person or entity who will receive the money, allowing the recipient to confirm in advance that they are sending the money to the correct recipient before the final order.
It is this functionality that, as of this Monday, Banco de Portugal requires to be extended to all transfers through all channels available to banks, such as “home banking” or the bank’s “app” (app) that customers have in their offices. .your cell phones.
This feature will also be present in direct debit to confirm that the debtor is the owner of the account to be debited.
In a 2023 payment systems report published in early May, Banco de Portugal believes the service will reduce the risk of fraud by minimizing the possibility of money being sent to the wrong recipients.
The payment system will have more news this year.
From June 24 (the rollout by banks will be gradual until September), it will be possible to make transfers between Portuguese bank accounts (regular or immediate transfers) simply by entering the recipient’s mobile phone number. In other words, what already happens on the MBWay network now happens with all transfers between national accounts, whether through home banking, through a banking app or through a teller.