Money to unknown account

Phoenix72

brianposter said:

It was actually a transfer between two Spanish banks who do not appear to be interested in "confirmation of payee", but I assume that much of the regulation has been harmonised throughout the EU and ex-EU.

GPDR is the excuse used to insist that the customer can be told nothing about who has received the transfer. 

 

 

That would have been helpful to know in the first post.

eskbanker

brianposter said:

It was actually a transfer between two Spanish banks who do not appear to be interested in "confirmation of payee", but I assume that much of the regulation has been harmonised throughout the EU and ex-EU.

GPDR is the excuse used to insist that the customer can be told nothing about who has received the transfer. 

That was a pretty rash assumption - clearly there's no obligation for the UK to remain in step with the EU now, and implementation of directives such as PSD within the EU tends to operate at a variable pace, especially where the cross-border nature of these is hindered by lack of shared databases, so CoP will be coming to the EU, but not particularly imminently:

The EU is getting its version of Confirmation of Payee (substack.com)

You may see GDPR as an 'excuse' but the relevant data protection provisions predated its introduction, so banks continue to be just like other organisations who are legally constrained from divulging personal data such as the name (and other details needed to make contact) of inadvertent payees.

brianposter

"That was a pretty rash assumption". I have to start somewhere and it is usually far easier to find regulations in English than looking for them in another language.  If you happen to know where HSBCs 36 months come from that might be very useful.

As far as GPDR is concerned, on a European level, I have certainly found it a nuisance. For fifty years I could go into the relevant bank and be told more or less whose account I was paying in to. For the last few years one has had to take the payee on faith because banks frequently refuse to confirm that the payee is correct.

Phoenix72

Your starting point should be an expert on the Spanish banking system?

eskbanker

brianposter said:

"That was a pretty rash assumption". I have to start somewhere and it is usually far easier to find regulations in English than looking for them in another language.  If you happen to know where HSBCs 36 months come from that might be very useful.

It's understandable to look for documents in the English language, but you need country-specific information for this sort of thing.  I don't know where HSBC's 36 months comes from - the misdirected payments code was developed by the UK banking industry ten years ago and was then adopted into Ts & Cs as standard, but I'm not aware of any regulatory definition.  However, at the risk of labouring the point, the rules and policies applicable to a bank operating in the UK won't be relevant to the regulatory environment applying in another country.

brianposter said:

As far as GPDR is concerned, on a European level, I have certainly found it a nuisance. For fifty years I could go into the relevant bank and be told more or less whose account I was paying in to. For the last few years one has had to take the payee on faith because banks frequently refuse to confirm that the payee is correct.

I wasn't aware that some sort of manual verbal confirmation of payee was ever officially supported, but this sort of validation is exactly what the current UK CoP process is designed to accommodate, and it sounds like it'll be coming to the EU at some point in the future, so the associated level of controlled access to payee personal details is obviously deemed to be compliant.

brianposter

That would be one person who might just happen to know how to proceed. On this forum there are presumably several dozen people who each know rather less but put together can probably contribute more.

born_again

brianposter said:

It was actually a transfer between two Spanish banks who do not appear to be interested in "confirmation of payee", but I assume that much of the regulation has been harmonised throughout the EU and ex-EU.

GPDR is the excuse used to insist that the customer can be told nothing about who has received the transfer. 

 

 

Oh. Well that would have really helped in the OP. As we are expecting you to be talking about UK accounts. 🤷‍♀️

You would be best asking on a Spanish banking forum, for their advice on the subject...

Given Uk left EU in 2021. There is no harmony between banking.

brianposter

Strange people bankers ! 

I post on here specifically to hear their opinions and yet they insist that their opinions are of no value.

Would everybody please be assured that the contributions do have value even if it is only to provide some signpost towards the next step in resolving the issue

friolento

Strange people bank customers!

They post on here specifically not giving all the details of their problem and yet are surprised when this is pointed out to them.

Would bank customers please be assured that they are likely to get much more meaningful responses if they don't assume that all banking in all countries works the same way.

wmb194

brianposter said:

Strange people bankers ! 

I post on here specifically to hear their opinions and yet they insist that their opinions are of no value.

Would everybody please be assured that the contributions do have value even if it is only to provide some signpost towards the next step in resolving the issue

What do the general terms and conditions of your Spanish bank say about misdirected payments? I suspect you'll be out of time.

Why has this taken so long to discover, how much are we talking and is it really that important? If it took more than two years to discover it cannot be very; is there an opportunity to tell the intended recipient that it's their/its fault for i. taking so long to notice and ii. giving you incorrect account details?