Also available in: Deutsch (German)

Originally planned for March 2024 (CASZIN reported), the verification of the recipient name associated with the IBAN for transfers in the EU and beyond will now come into force on 9 October 2025. In addition to the EU member states, the UK, Liechtenstein, Iceland, Switzerland, Norway, Monaco, Andorra, Vatican City and San Marino are also affected.

What does it mean in practice?

Anyone making a transfer from this point onwards triggers an automatic check at the recipient bank in real time. This compares the specified recipient name with the name of the customer stored for the IBAN. If both match 100%, the transfer will be executed without any problems. However, even minor discrepancies will result in a warning before the transfer is actually executed. It is now up to the customer to decide whether to ignore this warning or to cancel the transaction.

A problem for the adult business?

However, the following scenario is an interesting one. It is common practice for creators to have their profiles on portals managed by an agency. The payment is then also transferred to their account. The problem is that some portals do not offer the option of entering an agency as the payee. In this case, the name of the creator is inevitably used for the transfer. The most prominent example is probably Onlyfans. Many agencies enter their own account number for the creator. So far, such transfers have been executed without any problems. This will change from October 2025. The warning described above will then be issued. It remains to be seen how an executing bank will then deal with automatically submitted transfer orders. The ordering party may be able to decide from the outset to ignore such warnings. It is not yet possible to predict whether they will do this and whether the bank in question will even offer this option. But it could be interesting for many creators and agencies…