Overview

• From 9 October, banks in the EEA must let customers send instant euro payments that arrive in about ten seconds, 24/7, without higher fees than standard transfers.
• Verification of Payee becomes mandatory for euro transfers, with apps showing a traffic‑light result that indicates a match, close match, no match, or no response before a payment is sent.
• The obligation initially covers euro payments only, with other currencies scheduled to follow by 9 July 2027, and transfers to the UK or Switzerland excluded from the name check.
• Banks are rolling out app and system updates to enable the new features, older app versions will not work with the checks, and customers must actively consent to the changes.
• Customers can still choose to execute a transfer even if the check flags a mismatch or returns no response, and authorities caution the measure does not prevent phishing or fraud using accounts opened under false identities.