More protection for bank customers with instant transfers - Mandatory 'Verification of Payee' Coming to Eurozone Online Banking
From October 9, 2025, a new security measure, the 'Verification of Payee' (VOP), will become mandatory for banks in the Euro payment area (SEPA). This includes all EU member states and several non-EU countries. The VOP aims to enhance security, especially in online banking, by checking if the recipient's name matches the entered IBAN before approving a transfer.
The VOP applies to both SEPA credit transfers and SEPA instant credit transfers. When a transfer is initiated, the bank will check if the name of the payment recipient and the entered IBAN match the data of the target account. This check will not result in additional charges for customers. The result of the check will be communicated within seconds, allowing the payer to decide whether to proceed with the transfer or not.
Real-time payments, which enable money to be transferred from one account to another within ten seconds, around the clock, will also become mandatory for banks in Europe as of October 9th. However, in case of a transfer mistake, customers should immediately inform their bank to request a reverse transfer, but the success of this depends on various factors.
The SEPA zone covers 36 countries, including all EU member states plus several non-EU countries, which can decide whether to adopt the EU VOP requirements. The new measures aim to provide additional security and convenience for customers making transfers within the Eurozone.
Read also:
- Thieves Steal Unique Sculptures from Redwood National Park's Grove of Titans
- Stellantis Pivots US Strategy: Drops Electric Dodge Charger, Embraces V8s
- Thessaly's Climate Plan Stalls Two Years After Storm Daniel Devastation
- Strategizing the Integration of Digital Menus as a Core Element in Business Operations
