The change that is coming to bank payments will be implemented next May, but the change had already been announced in November of last year. It should be noted that this change will not imply changes in the way of making bank payments, as it is information that will be available when making payments. This is a new standard of Banco de Portugal (BDP) that aims to combat bank fraud.
Measure comes into force on May 19
It is already from May 19, 2025 that the Portuguese banking system will implement a new measure that aims to increase the security in financial transactions made through bank transfer. The measure will allow banking payments to be possible to view the name of the transfer recipient.
The portal states that “the measure follows the implementation of the confirmation of the beneficiary, which identifies the name of the first holder of the account associated with the indicated IBAN.”
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Between May 20 alone last year and March 5 of this year, 112 million transfers beneficiary confirmation consultations were held.
Portuguese banking system is one of the safest in Europe
A year later it is time to be possible to view the name of the recipient of payments. With the entry into force of the new standard in May 2025, the Portuguese banking system is expected to continue to evolve, offering more security to its users.
This change meets the tendency to increase transparency in financial transactions and protect citizens against fraudulent practices. Thus, the Portuguese banking system remains one of the safest in Europe, aligning itself with international best practices in the fight against fraud.
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