We use cookies to improve your experience and for marketing. Read our cookie policy or manage cookies.

Accept essential cookies
Accept all cookies
IBAN Discrimination Persists Despite SEPA Regulations
Jan 9, 2025

IBAN Discrimination Persists Despite SEPA Regulations

The European Court of Auditors (ECA) has highlighted ongoing challenges surrounding IBAN discrimination throughout the European Union. Euronews reports that between February 2021 and September 2023, nearly 3,500 cases of alleged IBAN discrimination were brought forward on the Accept My IBAN platform, with the majority reported in France and Spain, responsible for 31% and 21% of cases respectively.

Despite the implementation of the 2014 Single Euro Payments Area (SEPA) Regulation, prohibiting such practices, consumers continue to experience discrimination based on the geographic origins of their bank accounts. This issue, also known as IBAN discrimination, arises when payments or financial services are disrupted or denied due to an IBAN originating from a different EU or EEA country. The European Banking Authority (EBA) has warned that such practices are fueling the demand for virtual IBANs, which bring intrinsic risks concerning money laundering and consumer protections.

Efforts to combat IBAN discrimination face hurdles due to regulatory loopholes, disparate penalties across countries, and enforcement inconsistencies. Minimum fines range from EUR 250 to EUR 10,000, with maximum penalties reaching up to EUR 10 million or 10% of a company's annual turnover for severe violations. Meanwhile, the European Commission acknowledged the ongoing issue, admitting its inability to resolve IBAN discrimination fully but labeling it as a non-EU wide phenomenon.

The reports from the Accept my IBAN initiative, spearheaded by the fintech company Wise, indicate that the most frequent cases of IBAN discrimination in 2023 were reported in Germany, Spain, France, and Italy. But these numbers may underrepresent the scale of the problem, as the initiative only addresses complaints submitted to it directly.

Industry bodies, including the European Fintech Association (EFA) and the European Third Party Provider Association (ETPPA), are advocating for a more unified approach to penalties and proactive monitoring to ensure adherence to SEPA regulations. They also suggest the potential benefit of introducing a single EU IBAN to eliminate fragmentation within the market.

Source: IndexBox Market Intelligence Platform

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND THE AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional EditionPRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and its Prospects

    1. MARKET SIZE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    2. CONSUMPTION BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    3. MARKET FORECAST TO 2035

  4. 4. MOST PROMISING PRODUCTS FOR DIVERSIFICATION

    Finding New Products to Diversify Your Business

    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCTS
    4. MOST TRADED PRODUCTS
    5. MOST PROFITABLE PRODUCTS FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Export

    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    2. PRODUCTION BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    2. IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    3. IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    2. EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    3. EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

  11. 11. COUNTRY PROFILES

    The Largest Markets And Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
    • United States
    • China
    • Japan
    • Germany
    • United Kingdom
    • France
    • Brazil
    • Italy
    • Russian Federation
    • India
    • Canada
    • Australia
    • Republic of Korea
    • Spain
    • Mexico
    • Indonesia
    • Netherlands
    • Turkey
    • Saudi Arabia
    • Switzerland
    • Sweden
    • Nigeria
    • Poland
    • Belgium
    • Argentina
    • Norway
    • Austria
    • Thailand
    • United Arab Emirates
    • Colombia
    • Denmark
    • South Africa
    • Malaysia
    • Israel
    • Singapore
    • Egypt
    • Philippines
    • Finland
    • Chile
    • Ireland
    • Pakistan
    • Greece
    • Portugal
    • Kazakhstan
    • Algeria
    • Czech Republic
    • Qatar
    • Peru
    • Romania
    • Vietnam

  12. LIST OF TABLES

    1. Key Findings In 2024
    2. Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    3. Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
    4. Per Capita Consumption, by Country, 2022–2024
    5. Production, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    6. Imports, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    7. Imports, In Value Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    8. Import Prices, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    9. Exports, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    10. Exports, In Value Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    11. Export Prices, By Country: Historical Data (2012–2024) and Forecast (2025–2035)

  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    2. Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
    3. Consumption, by Country, 2024
    4. Market Volume Forecast to 2035
    5. Market Value Forecast to 2035
    6. Market Size and Growth, By Product
    7. Average Per Capita Consumption, By Product
    8. Exports and Growth, By Product
    9. Export Prices and Growth, By Product
    10. Production Volume and Growth
    11. Exports and Growth
    12. Export Prices and Growth
    13. Market Size and Growth
    14. Per Capita Consumption
    15. Imports and Growth
    16. Import Prices
    17. Production, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    18. Production, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    19. Production, by Country, 2024
    20. Production, In Physical Terms, by Country: Historical Data (2012–2024) and Forecast (2025–2035)
    21. Imports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    22. Imports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    23. Imports, In Physical Terms, By Country, 2024
    24. Imports, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    25. Imports, In Value Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    26. Import Prices, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    27. Exports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    28. Exports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    29. Exports, In Physical Terms, By Country, 2024
    30. Exports, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    31. Exports, In Value Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    32. Export Prices, By Country: Historical Data (2012–2024) and Forecast (2025–2035)

Recommended posts