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Attention, Erfurters! New rules for transfers from October 2025!
From October 5, 2025, transfers in Erfurt must check the recipient name. Goal: consumer protection and fraud prevention.
Attention, Erfurters! New rules for transfers from October 2025!
In today's digital world, fast and secure transfers are essential, and that is exactly what will soon become a reality for all citizens in Erfurt. From then onOctober 5, 2025The new regulation on mandatory recipient verification comes into force, which is part of the comprehensive EU regulation on real-time transfers (EU No. 2024/886). These changes not only promise convenience, but also increased security when exchanging money.
Banks will be required to ensure that the recipient's name matches the IBAN for transfers. Otherwise, the bank must refuse the payment and inform the payer. The aim of this approach is to effectively protect consumers and put a stop to attempted fraud. As the Erfurt city administration erfurt.de reports, for October 5th it is necessary that the exact spelling of the account holder “Landeshauptstadt Erfurt” is used when making transfers.
New requirements for payment service providers
But it won't just be exciting in Erfurt. The EU, supported by Regulation 2024/886, promotes the introduction of real-time transfers and ensures that they are available 24/7. Because honestly, who wants to wait a long time for their money? Under this regulation, payment service providers must ensure that all payments are made withinten secondsbe processed. This happens regardless of whether the payer makes a transfer using their mobile phone or online.
The exact regulations include, among other things, that these new payment offers must not be more expensive than conventional transfers. So if you take advantage of this new offer, you don't have to worry about any hidden costs. In addition, payment service providers are required to regularly check the details of the payment recipient. This payee verification service must be offered before any transfer authorization. These measures are particularly important with regard to security in monetary transactions, as bafin.de emphasizes.
Important deadlines and regulations
The deadlines for implementation are clearly set. For euro countries, as ofJanuary 9, 2025Real-time transfers are accepted while the actual sending takes place byOctober 9, 2025must have taken place. Payment service providers in non-euro countries have untilJanuary 9, 2027Time to adapt. This means that there will be a number of changes coming our way in the coming months that will be important to keep an eye on.
The citizens of Erfurt are therefore called upon to check their transfer templates and standing orders and adjust them if necessary. From October 5th it will no longer be possible to use old spellings such as “Stadtverwaltung Erfurt” or “Stadtkasse Erfurt”. Such adjustments are necessary to prevent problems with transfers.
The commitment of the city of Erfurt and European regulation brings new security and efficiency to citizens' financial transactions. It seems that the signs point to progress – the future of numbers is here!