Alpha Bank Romania launches the SANB service in the Alpha Online Banking app

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.

“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.

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.

“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.

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