Portugal generalizes beneficiary verification and facilitates initiating transfers

Banque du Portugal has announced the launch of two new functionalities designed to enhance the security of credit transfers and direct debits, while facilitating operations. These include a new pre-transaction beneficiary/debtor confirmation solution and the introduction of an identifier based on the telephone number of the beneficiary of an instant transfer, rather than the IBAN. The aim is clearly stated: to build a more convenient payment market without compromising on security.