Ireland Warns Against IBAN-Based Payment Discriminiation
By Joel Poultney (June 20, 2022, 12:08 PM BST) -- The Central Bank of Ireland has urged financial service providers to uphold their obligations on International Bank Account Numbers in an attempt to stamp out the discrimination it said remained a problem across Europe.
The regulator has written to leading financial services providers and professional bodies, warning them to take action over the number of employers or companies refusing to accept IBANs from outside their country for euro payments or direct debits. IBAN is an internationally agreed system of identifying bank accounts across national borders.
The central bank said on Friday that the discrimination extended across Europe and could potentially harm choice...
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