iTAN definition
iTAN. If the customer chooses the iTAN-method, a TAN-letter will be given to him in person when he signs the “DenizBank AG Internet Banking Agreement” or will be sent to him by post at his express request, provided he does not already have a TAN-letter as the result of an electronic authority to sign for another account at the Bank. Each TAN-letter contains several valid transaction numbers. Each TAN can only be used once, after which it is no longer valid. The individual TANs in a TAN-letter are numbered. In order to sign a transfer order in internet banking, the customer has to give the TAN with the number requested by the internet banking system. If the transaction is not continued by entering the requested iTAN, then the iTAN is no longer valid. A new TAN-letter is automatically sent to the customer or can be requested personally in a branch of the customer’s choice during opening times to be collected or sent by post. A new TAN-letter is issued automatically as soon as 10 TANs in one TAN-letter have been used. In this way, the customer may have two TAN-letters with valid TANs at any one time. With the automatic generation of a third TAN-letter, however, the TANs still valid in each of the older TAN-letters lose their validity. If a new TAN-letter is requested directly at a branch, all old TAN-letters belonging to the customer immediately become invalid.