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Arro Money – What the new ‘name check’ service means for the Challenger Banks

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Sending money using only a sort code and account number has been the norm since money transfers started out and has been subject to a number of issues. Not only is the system prone to error – as just one-digit mistake means that money is sent to the wrong account or held in limbo – but scammers have been using the system to defraud people in a number of ways.

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