I was thinking about how online banking works today. They don't really have to worry about security because you can only wire to pre approved payees.
What?
In Europe, online banking does not work like that.
No one has to "approve" the recipient of a transaction.
A SEPA transfer works by entering the recipient and the amount. That's it.
Just like a BTC transaction with the difference that you not only enter a recipient-identifier, but also the name of the recipient and that your bank is in control of your money instead of only you.
It doesn't make much sense to me to whitelist recipients.