Overview

• The Verification of Payee system runs in seconds before a transfer, flagging mismatches so payers can correct details or proceed at their own risk.
• Many providers will show results via a traffic‑light display: green signals an exact match with bank liability, yellow highlights minor discrepancies and shows the actual account holder, red warns of a clear mismatch with no bank liability.
• Checks apply across mobile apps, online banking and at branch counters through staff‑initiated queries, and the service is free for consumers.
• The rule covers payment accounts, with one‑time checks for standing or scheduled orders created or changed from October 2025, while existing standing orders are not re‑verified.
• The rollout begins in the euro area on October 9, 2025, expands EU‑wide by July 9, 2027, excludes destinations like the UK and Switzerland, and may not run in some cases due to technical or coverage limits.