⚡️EU: plans to implement VoP recipient verification for euro transfers within the SEPA zone

⚡️EU: plans to implement VoP recipient verification for euro transfers within the SEPA zone

The new regulation aims to strengthen security in instant payments.

🔣 How will the new regulation work❓— Payers will receive a notification if there is a discrepancy between the account number and the recipient's name. The verification results will fall into four categories: "match," "partial match," "no match," or "other."

🔣 The system is based on the experience of Portugal🇵🇹 and Latvia🇱🇻 in its development.

🔣 VoP will also be available for instant payments via the Target Instant Payment Settlement system.

🔣 All payment service providers (PSPs) in the eurozone must offer VoP to their customers by October 9, 2025. More information is available on the websites of the Bank of Portugal and Latvijas Banka or by contacting the ECB via email.

#news #Europe

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