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General

ECB considers linking IBAN to phone number, email

Tuesday 2 February 2016 | 10:20 CET | News
The European Central Bank wants to make it easier for consumers to transfer money by linking the IBAN of bank accounts to a telephone number of email address. As a result, consumers would no longer need to remember the long IBAN, ECB board member Yves Mersch said in an interview with the Dutch business channel RTL Z. Mersch said the phone number of email can function as an alias for the IBAN. Consumers tell their bank they want to make a transfer to a phone number, and the bank finds the IBAN linked to the number. The system would work on an opt-in basis, where consumers would have to say

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Categories: General
Countries: Europe
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