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You can send money even without an account number, you just need to know your mobile number

You can send money even without an account number, you just need to know your mobile number

You must know your account number to send money. This will not be superfluous from next year, as the Czech Banking Association (CBA) is cooperating with CNB on a project of a new service, the so-called contact payment, where instead of an account number in Internet or mobile banking, you just need to enter the phone number Pay-as-you-go mobile.

Pay per contact
Making a payment without knowing the payee account number will be possible thanks to the registration of account numbers associated with the mobile phone numbers of their owners.
After entering the payment, the sender’s bank will contact the registry, based on the payee’s phone number, and obtain their bank account number, to which they will then send the payment.

So far, nine banks

So far, nine banks have signed up to implement the project. “We haven’t given a list of banks yet. These are, of course, banks that provide retail services.
I suppose only the few remaining retail banks will know that it is interesting to customers that they will also participate in time, Tomas Heldijk, CBA Payment System Expert, told

The new service will be available to their customers, all they have to do is register for it through their bank and link their phone number to their account number.

“Similar services are already operating abroad, where we have been inspired – for example in the USA, Latvia or Slovakia. We expect that we will be able to launch the service from the new year if the test does not reveal unexpected complications and the individual banks currently participating in the project are ready We are starting with mobile phone numbers, but in the future the system could be expanded to include other potential contacts to associate with an account number, such as email addresses,” added Oldschich Dedek, a member of the CNB Board of Directors.

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The exam will start in the summer

Functionality testing of the new system will begin in the summer months. The system will work thanks to the CNB, which will keep a record of the reported phone number pairs and account numbers. The system operated by the central bank will, upon inquiry from the payer’s bank, find out whether the phone number is on the register and, if so, inform the inquiring bank of the corresponding beneficiary’s account number, the CBA states in its statement.

“By copying or rewriting the account number, customers often make mistakes that banks have to deal with. At best, there is no account number entered incorrectly, and banking systems can detect it. Unfortunately, it happens that by entering the wrong bank code, Funds arrive in a completely foreign account. From payments to communication, in addition to providing greater convenience to customers, we promise to reduce such errors and further speed up the payment system, ”said Heldyk.

It is not yet clear from the CBA’s information whether a single phone will be paired with multiple accounts, while many people have multiple accounts at their disposal, which, for example, is a requirement for a mortgage.