Lydia checks the conformity of the IBAN format when requesting a transfer to a bank, but Lydia has no way of verifying whether the linked bank account is valid or not.
For example, Lydia cannot detect if the customer requests a transfer to a bank account that has been closed.
Instead, the receiving bank will notify Lydia by rejecting the transfer within a few days. This stage can take several days, up to 15 days in the longest cases. For example, if the bank refuses the transfer, after analysis, for security reasons.
Within 3 working days of the bank rejecting the transfer, the customer's Lydia wallet is automatically credited with the amount of the transfer, and the IBAN is deleted. The customer is notified of the operation by email.
The customer must then request another transfer to his bank if he still wishes to do so, but this time with a different IBAN.