Shared Spaces - Trusted Beneficiary
A trusted beneficiary of a Shared Space can:
- Transfer money from their own Spaces (including other Shared Spaces of which they are a participant) to a Shared Space.
- Access and freely transfer the funds of a Shared Space at any time.
- Leave a Shared Space at any time.
Transfers between a trusted beneficiary and a Shared Space do not need to be authenticated via Pin and Push notification. This means that beneficiaries can seamlessly drag-and-drop money via the N26 app and Web app similarity to how normal Space transactions work.
Why do I need to classify an owner or member as a trusted beneficiary?
European banking law regulates how bank transfers must be authorised.
In this law strong customer authentication (SCA) is a requirement to make online payments more secure.
One exception to this is the classification of a person in a Shared Space as a “trusted beneficiary” so that transfers to this person do not require SCA.