Boosting confidence in the EU single market: European rollout of confirmation of payee (CoP) system for IBAN payments
Question for written answer E-000337/2022
to the Commission
Antonius Manders (PPE)
Following the introduction in the Netherlands of the IBAN name check (INC) or confirmation of payee (CoP) system that allows consumers to verify before making a bank transfer that an IBAN bank account number is actually in the name of the intended payee, the number of fraudulent domestic transfers has dropped by 81%. At the same time, the Dutch banks are reporting a massive increase in the number of fraudulent transfers to European IBAN account numbers, seriously undermining confidence in the European internal market.
- 1.Does the Commission agree that that the EU-wide introduction of a CoP system such as the Dutch INC is of great importance in order to bolster confidence in the financial system and the European internal market?
- 2.If so, what steps is it taking to introduce such a system at EU level and when does it expect this system to become operational throughout the EU?