Bucharest, November 14, 2024 – Exim Banca Romaneasca offers its customers the possibility of verifying the true identity of the beneficiary when initiating a payment in RON via the Internet or mobile banking services. This is made possible by the bank’s adoption of the Beneficiary Name Display Service (SANB), which helps prevent fraud and reduces erroneous transactions caused by incorrect entries in the beneficiary’s account.

When customers make a payment in RON, they can verify the beneficiary of the transaction before authorizing the payment by comparing the beneficiary name with the data displayed in e-ximBanking – the bank’s internet/mobile banking application – to the IBAN entered in the payment instruction.

To display beneficiary data, Exim Banca Romaneasca queries a shared database managed by TransFond, which is populated with the IBAN and the truncated name of beneficiaries by other banks that have joined the SANB. For natural persons, the truncated name consists of the full first name and the initial of the last name. The truncated name displays part of the entity name for authorized individuals, sole proprietorships, family businesses, and corporations.

This feature helps bank customers ensure they are not victims of fraud, as one type of online fraud involves emails or text messages requesting payments in the name of known beneficiaries, such as credit card providers. utilities or other service providers, but instead specifying the IBANs belonging to the fraudsters. than those of legitimate beneficiaries, according to the Romanian Association of Banks.

Exim Banca Romaneasca will display the truncated name of beneficiaries for RON payments made via e-ximBanking only if the beneficiary bank has adopted SANB.

The beneficiary name display service is made available to banks connected to the interbank payments clearing house by TransFond on a subscription basis and is managed by the Romanian Association of Banks.

Exim Banca Românească is a 100% Romanian universal bank, ranked among the 10 largest credit institutions in terms of assets. The bank offers its customers, individuals and businesses, a wide range of quality products and services, adapted to their needs. Exim Banca Românească operates a national distribution network of 82 branches and 26 Corporate Units, the latter dedicated exclusively to businesses. This network allows it to be close to individual and corporate clients and to implement various Romanian and European development programs.

Furthermore, because it acts as a State agent in the guarantee and insurance market, Exim Banca Românească is one of the instruments through which public funds made available by the State Romanian support the sustainable development of the economy.

*This is a press release.