Overview

• Banks across the euro area must now offer outbound instant payments 24/7 that complete in about 10 seconds and cannot cost more than standard SEPA transfers.
• Before any SEPA euro transfer, institutions must run a name‑to‑IBAN check (Verification of Payee) and display results such as match, close match or no match, often via a green‑yellow‑red indicator.
• Customers can still authorize transfers after a warning, but liability typically shifts to them if funds go to the wrong account.
• Scope and exceptions apply: the checks cover euro payments within the EWR/SEPA, exclude destinations like the UK and Switzerland, and generally spare pre‑existing standing orders and some pension payments; large batch payments by businesses can opt out.
• Some banks activated the checks early this week, prompting confusion and higher call volumes as users began receiving on‑screen alerts about name‑IBAN mismatches.