Service to Display the Beneficiary’s Name






Here, at  First Bank, we want to make sure your payments reach the right account and we are pleased to announce that starting with 15th of December 2023, a new feature will become available which will allow you to check the identity of the beneficiary.

This new feature is called SANB, meaning Service to Display the Beneficiary’s Name and it aims at preventing online fraud by verifying the identity of the beneficiary when customers perform electronic payments. At the same time, it may help reduce the number of eroneus transactions generated by inputing incorrectly the IBAN number of the beneficiary.

Basically, SANB provisions and automatically displays in the electronic payment order the first name initial and the surname of the payee's, at the moment the payer enters the beneficiary's IBAN account number. In case of payments made to legal entities, part of the company’s name will be displayed to the payer for validation.

In this context, in the legitimate interest of preventing fraud and erroneous payments, the banks participating in SANB interrogate in real-time a centralized database from TRANSFOND S.A.- the administrator and operator of the Automated Clearing House for Interbank Payments.

Thus, your personal data (full surname, the initial of your first name and the IBAN code) are transferred to Transfond, where it will be stored and periodically updated, until the termination of the business relationship with First Bank and may be interrogated by the other participants in SANB in the context described above.

The processing of your data takes into account the fulfillment of the legitimate interest of First Bank and Transfond, as Joint Controllers, in preventing fraud and erroneous payments.

For more information about data processing, please read the General Information Notice concerning the processing of personal data, available on our website, in the dedicated section, Data Protection.

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