Portugal news - Portugal’s central bank is launching international transfers without IBAN but to phone numbers instead. Portugal’s central bank, Banco de Portugal, is developing a functionality that will allow users the option of sending money transfers to a phone number. For international transfers to companies, users will be able to use the company’s taxpayer number instead of an IBAN.
Portugal’s new banking functionality, that will be available as from 2024, will be available on all banking sites and apps. This new development in the financial services sector will provide more security for users and will decrease error margins.