EBA Clearing will provide its users with verification of payee at pan-European level. This will come into practice by December 2024.
EBA Clearing will support payment service providers (PSPs) in offering IBAN and name matching services to their customers for their Single Euro Payments Area (SEPA) transactions.
Verification of payee will be aligned with the respective scheme of the European Payments Council.
PSPs across the SEPA will have to offer such services to payers from 9 October 2025. This is mandated by the instant payments regulation.
Erwin Kulk, head of service development and management at EBA Clearing, says: “With verification of payee, we are adding another element to our SEPA services that will help our users get ready to meet the requirements of the instant payments regulation.”
The company anticipates a growth in volume of payments on the implementation of instant payment regulation.
Eva Herskovicova, head of operations at EBA Clearing, explains: “Building on the experience of the successful SEPA migration in 2014, PSPs across Europe will only succeed in smoothly scaling up their instant payment capabilities if we prepare as a community, together with all stakeholders.”
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