Overview

• From October 9, 2025, banks must confirm that recipients’ names match their IBANs before processing euro credit transfers under EU Regulation 2024/886.
• German private banks say they have finalized technical preparations and expect a seamless rollout of the Verification of Payee mechanism.
• Payers will receive verification results within seconds at no charge, allowing them to approve or halt transfers based on matched details.
• The name-IBAN check will cover both online and over-the-counter transactions and will expand EU-wide on July 9, 2027.
• Non-EU SEPA members Iceland, Liechtenstein and Norway may adopt the verification rules voluntarily, while the UK and Switzerland remain exempt.