Alpha Bank Romania launches at the beginning of 2024 the identity verification function of the recipient of payments made through online banking by joining the Beneficiary Name Display Service (SANB), provided by TRANSFOND.
The function is available to all Alpha Online Banking users, both individuals and legal entities 24/7, 365 days a year, for payments in lei.
Thus, when initiating payments in lei to beneficiaries having accounts at the banks participating in SANB (List of banks offering SANB.pdf (transfond.ro)), users will be shown, based on the introduced IBAN code, verified information about the identity of the beneficiary – if the payment is made to a person, respectively part of the company name and form of organization (S.R.L., S.A. etc.) – in the case of payments to legal entities.
“By joining the Beneficiary Name Display Service (SANB) we introduce a new verification element for payments made through Alpha Online Banking, in order to ensure the convenience and confidence of customers in the payments performed. This service is even more valuable in the context that we have recently introduced instant payments and transactions are carried out in real time. We are pleased to be among the first banks in Romania to offer this service and this demonstrates once again our commitment to offering our customers complete banking solutions to improve our users’ experience in the digital services that we offer.”, said Florin Brănici, Director Digital Banking and Alternative Channels, Alpha Bank Romania.
“SANB minimizes the potential risk of a cybercriminal asking the payer (via email, sms, etc.), on behalf of beneficiaries known to the paying party (suppliers of utilities, suppliers of services or goods), to pay invoices, by indicating their own IBAN codes (different from those of entitled beneficiaries). Thus, some payers can follow these instructions and pay to the specified account, considering it legitimate. SANB gives the payer the certainty that the funds will reach the right destination, by automatically indicating elements that confirm the name of the recipient. We welcome Alpha Bank’s participation in the SANB and we are convinced that all banks will join this service in the shortest possible time, working together to provide the market with a secure payment environment.” – said Răzvan Faer, Head of the TRANSFOND Development Department.
To access this feature on your phone you must download the latest version (2.4.63) of the Alpha Online Banking app for IOS or Android, and to access it on your computer or tablet you must use a web browser.
About Alpha Bank Romania
Alpha Bank Romania is a member of the Alpha Bank Group, one of the largest banking and financial groups in Greece. The international activities of the Group are extended, in addition to Romania, to the United Kingdom, Luxemburg and Cyprus.
Alpha Bank Romania ranks among the top 10 banks in the country, with universal banking operations. The Bank has had a national presence of 30 years, offering a wide range of modern services and products for individuals, SMEs and the corporate segment. It is one of the financial institutions that have innovated the banking sector in Romania, being the first bank to launch an application that transforms an Android mobile device into a POS terminal. It was also the first bank in Romania to issue covered bonds in 2019 and the first in the market to introduce housing loans. For more information: https://www.alphabank.ro.
TRANSFOND is the administrator and operator of the Automatic Clearing House of commercial retail interbank payments. The company aims to be the main partner of the Romanian financial-banking community in the area of payments (both in local currency and in euro, national and cross-border), of services adjacent or complementary to interbank payments, making maximum use of the infrastructure and know-how available. The main shareholder of TRANSFOND is the National Bank of Romania, and the rest of the shareholders are represented by 18 commercial banks active in the Romanian market. TRANSFOND has developed a number of complex and successful solutions, for the benefit of the domestic financial sector, but also of commercial companies and end consumers of financial services: Instant Payments, Beneficiary Name Display Service (SANB), AliasPay, e-Factur@ and e-Archiv@. For more information: www.transfond.ro, www.platiinstant.ro, www.aliaspay.ro, www.facturielectronice.ro.