<New option, separately licensed>
Now Way4 Digital Banking app supports money transfers through the recipient’s IBAN number. IBAN encodes multiple data in itself, including the account number, the bank owning the account, its country, address, and Business Identifier Code (BIC). The new option lets users enter the IBAN and skip manual input of related data. It speeds up transfer initiation and lowers the financial risks related to typing errors.
For such transfers, the Way4 app verifies whether the digits typed in by the user fit the IBAN standard format. Then it checks whether this particular number exists in the IBAN list that the issuer stores on the Way4 host. Finally, the user can see the recipient's details on the screen and confirm the transaction.
