European Central Bank pushes digital euro pilot and new IBAN name checks

From 9 October 2025 EU banks must verify that the name of a transfer recipient matches the account holder’s name linked to the IBAN. The check returns a traffic‑light result – “No Match”, “Close Match” or “Match” – and the customer is warned before the payment is released. At the same time, banks are required to offer free real‑time euro payments across the Euro area.

The European Central Bank (ECB) is also preparing a pilot of the Digital Euro. Only staff of the ECB and national central banks, such as Germany’s Bundesbank, will test the beta version in everyday settings like canteens and selected merchants. The trial will assess the infrastructure’s robustness, user‑friendliness and scalability, but offline payment scenarios will not be covered.