The adopted Instant Payments Regulation requires instant payment providers to check whether the IBAN and the beneficiary's name match. The aim is to identify the payerbefore of a transaction for possible errors or fraud. Regular credit transfers in the SEPA area are also affected by this regulation. For both payment types from October 2025 the IBAN name check, officially Verification Of Payee are carried out.

How these Verification Of Payee is not specified in the EU regulation. In order to support payment institutions, the European Payment Council has developed a Verification Of Payee scheme Rulebook and Recommendations developed. Both documents can be still until 19 May 2024 be commented on.

In our online event, Dr Mario Reichel and Norbert Hambloch, both members of the VDT Cash & Liquidity department, will explain the opportunities and challenges that the Verification of Payee for providers and corporates. The Verification Of Payee scheme Rulebook Proposal of the European Payment Council to be discussed.

We would like to thank all those involved for the successful realisation of the event and the participants for their positive feedback.