It is this month that there will be news regarding bank transfers. As we have already mentioned, bank transfers will be immediate and without additional costs. But there is more news.
Recipient confirmation will be available on all transfers
Finally, bank transfers will identify the recipient. This functionality, similar to what already exists in MB WAY, will allow whoever makes the transfer to know whether the recipient is in fact the correct one. This new functionality will come into operation on May 20th.
Recipient confirmation will be available for all transfers and on all channels provided by banks, such as home banking or the banks' app that customers have on their cell phones.
According to RTP, in the 2023 Payment Systems Report, released today, 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.
If the beneficiary is a company, the person making the transfer may only indicate the NIPC (company tax identification number).
In this system, now called “proxy lookup”, users have to associate their mobile phone number (it can be a foreign mobile number) with an account.
