The adopted Instant Payments Regulation requires providers of instant payments to check that the IBAN and the beneficiary’s name match. The aim is to ensure that the payer before to draw attention to possible errors or fraud in a transaction. Regular transfers within the SEPA area are also affected by this regulation. For both types of payment, it is necessary to from October 2025 the IBAN Name Check, officially Verification of Payee ... shall be carried out.

Like this Verification of Payee The EU Regulation does not specify how this is to be carried out. To support payment institutions, the European Payment Council has drawn up a Rulebook for the Payee Verification Scheme and Recommendations developed. Both documents can yet until 19 May 2024 can be commented on.

In our online event, Dr Mario Reichel and Norbert Hambloch, both members of the VDT’s Cash & Liquidity division, will explain the opportunities and challenges presented by the Verification of the payee for service providers and corporations. The VVerification of Payee Scheme Rulebook The European Payment Council’s proposal is to be discussed.

We would like to thank everyone involved for helping to make the event a success, and the participants for their positive feedback.