New rules for payment and credit transfer transactions have been in place since the beginning of October 2025. A change in the law for banks has come into force in the EU.
Current tenant notice for payment recipient reconciliation
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As a result, banks are currently experiencing technical problems reconciling the payee's details due to the changeover. Banks are now legally obligated to verify, for payments made by bank transfer or standing order, whether the specified payee matches the account holder's IBAN. If the details do not match, you will receive an error message from your bank.
Currently, many banks are displaying an error message even if the payee's name is entered correctly. If you want to make a transfer, please make sure you enter the correct IBAN. SEPA direct debit mandates are not affected.