By Benadeta Mwaura - Reporter
Kenya, 16 July 2026 - I&M Bank has introduced enhanced validation measures for incoming Real Time Gross Settlement (RTGS) and Telegraphic Transfer (TT) payments, requiring customers' account names to exactly match the account numbers provided before funds are credited.
The new measures are part of the bank's efforts to improve payment accuracy, strengthen fraud prevention and accelerate the processing of both local and international transfers.
Under the revised process, the bank will automatically verify that the beneficiary's registered account name corresponds with the account number submitted by the sender before processing any incoming payment.
According to the bank, the additional verification is expected to improve Straight Through Processing (STP), allowing eligible transactions to be processed automatically without manual intervention, thereby reducing delays and operational exceptions.
The enhanced controls are also intended to curb cases of funds being sent to the wrong accounts due to incorrect beneficiary information and strengthen safeguards against payment fraud.
To ensure successful processing, I&M Bank is advising customers to instruct anyone sending money to their accounts to provide both the correct account number and the exact account name as it appears in the bank's records.
The lender cautioned that payments containing incomplete, inaccurate or mismatched beneficiary details may experience delays or be returned to the remitting bank until the discrepancies are resolved.
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Customers who are unsure of the official name registered on their accounts have been advised to contact their relationship managers or visit the nearest I&M Bank branch to confirm or update their account information.
The move reflects a broader trend across the banking industry, where financial institutions are introducing stronger payment verification systems to reduce fraud, improve compliance with anti-money laundering requirements and minimise errors in electronic fund transfers.
For businesses and individuals that frequently receive domestic RTGS payments or international wire transfers, ensuring beneficiary details are accurate before initiating transactions is expected to become increasingly important as banks adopt stricter validation standards.
The changes are aimed at ensuring faster, more secure and more reliable processing of electronic payments while protecting customers from losses arising from misdirected or fraudulent transactions.
I&M Bank Tightens RTGS and Telegraphic Transfer Rules to Reduce Payment Delays and Fraud
The additional verification is expected to improve Straight Through Processing (STP), allowing eligible transactions to be processed automatically.