Overview

• In August 2025, millions of account holders in the Eurozone are receiving letters detailing the upcoming requirement to match beneficiary names with IBANs.
• The new traffic-light system will display green for exact matches, yellow for minor discrepancies and red for mismatches to warn customers of potential fraud.
• A fee-free, 24/7 instant SEPA payment scheme will settle transfers within 10 seconds starting October 7 in the Eurozone.
• Customers have until October 7 to opt out of the name-IBAN verification process before it becomes mandatory.
• The United Kingdom and Switzerland have declined to adopt the rule, and full EU-wide implementation is scheduled for July 2027.