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Bankera to fight against IBAN discrimination

Tuesday 30 November 2021 09:57 CET | News

Fintech Bankera, together with several other fintech companies operating in the EU, has joined an international initiative to fight the IBAN discrimination.

Although bank transfers in the Single Euro Payments Area, or SEPA, take the same amount of time regardless of the country where the account is issued, some companies don't want to go through the extra trouble and refuse to serve customers from other countries entirely. 

In 2020, members of the association sent a joint letter to the European Commission urging politicians to take further action to end the illegal practice of IBAN discrimination. Most of Bankera‘s customers are residents or businesses registered in countries in the European Economic Area, so they want them to be aware of their options to stop illegal IBAN discrimination and to inform the relevant authorities.

To this end, a special website – acceptmyiban.org – has been set up where victims can register their complaints, as representatives say. Since the launch of acceptmyiban.org in mid-March 2021, more than 1000 reports of possible IBAN discrimination have been received. Their analysis has shown that the highest number of such cases has been recorded in the old European countries - France, Spain and Germany.

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Keywords: IBAN, SEPA, unbanked, bank transfer
Categories: Banking & Fintech
Companies:
Countries: Europe
This article is part of category

Banking & Fintech






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