ConnectPay joined the Accept my IBAN initiative
We‘ve partnered with Wise (former TransferWise) and other fellow fintechs: N26, Revolut, Monese and more to tackle the IBAN discrimination issue by creating a special reporting platform.
A lot of businesses in EU such as telecommunication providers, internet companies or, in some cases, even banks, refuse to accept IBANs, claiming that an IBAN from a certain country is needed – usually the country the service provider is located in.
IBAN discrimination occurs when a payment is declined because the bank account is held in another European country. This action is against the law. According to laws and regulations, IBAN account must be accepted from all EU countries. The law against IBAN discrimination was set up in 2014, and since then it has been trying to combat IBAN discrimination and resolve complaints.
7 years have passed since the legislation came into force and it‘s still a common issue that many people or business face.
Now there is an easy way for anyone to report IBAN discrimination issue via this platform: End IBAN Discrimination (acceptmyiban.org).
Anytime a problem of declined IBAN arises, take action and report it here.