The EU Parliament has just passed new rules that will change how we send money.
Soon, transfers will arrive in the recipient's account within seconds—and they’ll be completely free.
But that’s not all.
A major new security feature is being rolled out too: banks and savings institutions will now have to verify that the IBAN matches the recipient’s name before completing a transfer.
If something doesn’t match up, you’ll be notified right away—no more worrying about whether you’ve sent money to the wrong person.
These changes are designed to prevent mistakes and keep your money safe from fraud.
According to Inside Digital, all banks and savings institutions in the 27 EU member states, as well as in Norway, Iceland, and Liechtenstein, must implement these new regulations by October 9, 2025.
For countries using different currencies, like Norway, the deadline is extended to July 9, 2027.
With real-time transfers and the mandatory IBAN check, banking is about to get a lot more secure and convenient.
These new measures will transform the way you transfer money, making it easier and safer than ever before. The IBAN and name check, in particular, is expected to prevent many mistakes and build greater trust in digital payments.
