Bank South Pacific (BSP) has announced a new update to its mobile banking service requiring customers to enter the recipient’s name when transferring money to another BSP account holder through the mobile banking platform.
The bank said the new requirement is now compulsory for domestic fund transfers and is aimed at helping customers confirm they are sending money to the correct beneficiary before completing transactions.
According to the customer notice released by BSP, users selecting the “Other Bank” option during mobile banking transfers will now need to follow a five-step process. This includes entering the recipient’s name, account number, transfer amount, description, and confirming the transaction.
BSP advised customers to ensure the beneficiary’s details are correct before submitting transfers to avoid errors or delays in processing payments.
The update forms part of the bank’s ongoing efforts to improve transaction security and strengthen customer verification procedures within its digital banking services.
Customers seeking further information have been encouraged to contact BSP through its customer service