In a move that aims to bolster the security of electronic payments and transfers, Credit Europe Bank has implemented the Confirmation of Payee Service known as SANB (Serviciul Afișare Nume Beneficiar). The new feature enhances transaction security in lei via the bank’s Internet and Mobile Banking platforms by verifying the identity of payment beneficiaries. The service, developed in collaboration with TRANSFOND and overseen by the Romanian Association of Banks, displays a partial or truncated name of the IBAN account holder to confirm the recipient’s identity. For individual payments, the platform reveals the beneficiary’s first name and the initial of their last name, while for legal entities, part of the company name is shown. This advanced security measure helps customers detect mismatches and either correct or halt transactions, significantly reducing the risk of errors and online fraud.
Yakup Çil, CEO of Credit Europe Bank, firmly believes that the SANB service is an essential step toward reinforcing the security of electronic transactions. According to Çil, this initiative is designed not only to prevent fraud but also to cultivate greater confidence among clients in making electronic payments. Similarly, Sabin Carantină, General Manager of TRANSFOND, highlighted the service’s critical role in preserving public trust in the banking system and ensuring the stability of Romania’s payment ecosystem. The mechanism of verifying beneficiary names is considered a strong deterrent against fraudulent activities, thereby contributing to the overall safety and stability of the financial system.
How SANB Works and Its Benefits
To utilize the SANB feature within Credit Europe Bank’s monet Mobile Banking app, customers need to update to the most recent version available on Google Play or the App Store. Internet Banking users can access the functionality automatically, as it is integrated into the system. SANB operates around the clock, offering secure transaction checks across participating banks. However, if a transaction is directed to a bank that has not adopted the SANB service, the beneficiary’s name will not appear. Despite this limitation, the new system remains a powerful tool for validating transactions and mitigating risks. Credit Europe Bank has also introduced a similar feature for intra-bank payments, extending the benefits of name verification and fraud prevention to transfers within the same institution.
The integration of SANB into Credit Europe Bank’s services ensures that customers are better protected against unauthorized or incorrect payments. By displaying part of the beneficiary’s name before payment completion, users gain an added layer of security and can take preventive measures if discrepancies are spotted. The seamless incorporation of this new feature demonstrates the bank’s commitment to embracing advanced technologies for improving customer safety and satisfaction.
Expanding Payment Security
In a move to enhance the security of electronic payments, Credit Europe Bank has launched the Confirmation of Payee Service, SANB (Serviciul Afișare Nume Beneficiar). This feature improves transaction security in lei across the bank’s Internet and Mobile Banking platforms by verifying the identity of payment recipients. Developed with TRANSFOND and under the Romanian Association of Banks’ oversight, the service displays a partial or truncated name of the IBAN account holder to confirm the recipient’s authenticity. For individual transactions, it shows the beneficiary’s first name and the initial of their last name, while for legal entities, part of the company name is revealed. This robust security measure lets customers spot mismatches and correct or halt transactions, significantly cutting the risk of errors and online fraud.
Yakup Çil, CEO of Credit Europe Bank, affirmed that SANB is crucial for strengthening electronic transaction security. According to him, this initiative not only aims to prevent fraud but also to build client confidence in electronic payments. Sabin Carantină, General Manager of TRANSFOND, emphasized the service’s role in maintaining public trust in the banking system and ensuring the stability of Romania’s payment ecosystem. Verifying beneficiary names effectively deters fraud, thus enhancing the financial system’s overall safety and stability.
