Chris MacManus (The Left). – Mr President, I welcome the adoption of the new EU rules on instant payments.
I especially welcome the approval of my amendment, which means that checking IBAN numbers to prevent fraud will be free under these new rules. This means people can use this service and so fraud can be prevented. By following this process, ordinary workers and consumers will be empowered to know whom they are actually transferring to.
By making this check free, my amendment has vastly improved this service and made it so that it will be at no cost to consumers. This rule should now be applied more generally in all electronic payments, and it should be done so as soon as possible. There is no reason to wait 18 months.
This is a big win for consumers and a big blow to fraudsters. People should always be on their guard but, through this amendment, they now have an important new weapon in the fight against scammers.