Germany-based bank Postbank has announced plans to discontinue its chipTAN process for online transfers in May 2022.
Postbank announced that it has been gradually informing its customers about this since August 2021. As an alternative, the bank refers to its own "BestSign" procedure. With the chipTAN process, the transaction number (TAN) is generated by a small device into which the Girocard is inserted. As a reason for the end of the chipTAN, Postbank states that fewer and fewer customers are using the chipTAN procedure and two-thirds of chipTAN users have also already activated BestSign.
On the other hand, there is a technical reason, namely that new Girocards are equipped with a new chip due to regulatory requirements and older chipTAN devices are not compatible with these bank card chips. According to a Postbank representative, anyone who is currently still using Postbank's chipTAN should switch to their "Postbank BestSign" procedure. This can be done via the Postbank BestSign app, the regular Postbank banking app ("Postbank financial assistant"), or a special device from Seal One.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now