News — Banks
Name Checks to begin on bank payments
Mary Talbot-Rosevear Banking Banks Name Checks Payments
From July 2019, name checks will be used on bank payments. Under plans from the UK’s payments operator, the sender will be alerted if the name does not match the account. Currently, the account holder’s name is not needed to make a money transfer. All that is required is a sort code and account number. As of July 2019, the account name will be added to transactions requiring the sender to provide the account name, account number and sort code. If the name does not match the account holder’s details, the sender will be alerted. The revisions are designed to...