Bucharest, November 14, 2024 – Exim Banca Romaneasca offers clients the possibility to verify the true identity of the beneficiary when initiating a payment in RON through internet or mobile banking. This is enabled by the bank’s adoption of the Beneficiary Name Display Service (SANB), which helps prevent fraud and reduces erroneous transactions caused by incorrect beneficiary account entries.

When clients make a payment in RON, they can verify the transaction’s beneficiary before authorizing the payment by comparing the beneficiary's name with the data displayed in e-ximBanking – the bank's internet/mobile banking application – for 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 truncated name of beneficiaries by other banks that have joined SANB. For individual 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 legal entities.

This feature allows bank clients to ensure they are not victims of fraud, as one type of online fraud involves emails or SMS messages requesting payments on behalf of known beneficiaries, such as utility providers or other service providers, but specifying IBANs belonging to the fraudsters rather than those of the legitimate beneficiaries, according to the Romanian Association of Banks.

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

The Beneficiary Name Display Service is made available to banks connected to the interbank payment clearinghouse 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 in the top 10 largest credit institutions by assets. The bank offers its clients, individuals and corporate, 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 being dedicated exclusively to companies. This network allows it to be close to retail and corporate customers and to implement various Romanian and European development programs. 

In addition, because it acts as an agent of the state on the guarantee and insurance market, Exim Banca Românească is one of the instruments through which the public funds, made available by the Romanian state, support the sustainable development of the economy. 

*This is a Press release.